The Bank of Russia is working on the launch of a digital
mortgage on the domestic blockchain platform. Relevant proposals have already been sent to the government and Rosreestr.
The Bank of Russia is going to implement a full cycle of digital
mortgage operations based on blockchain platform "Masterchain". According to Deputy Chairman of the Central Bank Olga Skorobogatova, Masterchain is already working with electronic mortgages on the blockchain and the next step will be the launch of a digital
mortgage.
"Masterchain began to work with electronic mortgages, we have 9 banks, one special depository and Rosreestr participate in the work on electronic mortgages. In principle, electronic mortgages on a distributed registry are the basis for launching further digital
mortgage. And what we have now given as a proposal directly to the government and Rosreestr is to finalize the process so that the full cycle of digital mortgage operations is implemented on the master chain," Olga Skorobogatova said at an online meeting of the working group on the annual report of the Central Bank.< br>
Masterchain was developed by the FinTech Association in October last year and is the first blockchain platform to receive FSB certification that it uses Russian cryptography standards and complies with information security requirements.
