Blockchain Revolution in Russia: Bank of Russia Tests Masterchain
Bank of Russia has introduced Masterchain, an Ethereum-based Blockchain prototype. As stated in the official report, the Masterchain platform was created to serve interests of the financial market actors and is being tested. Alexey Arkhipov, Head of Cryptotechnology Department at Qiwi says: “Masterchain is a unique ecosystem which allows connecting financial institutions and creating smart contracts in one single environment.” Disruptive Blockchain. Masterchain is a tool built on the basis of distributed ledger technology to ensure safe and secure communication between banks and other....
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The Bank of Russia has developed and tested on an Ethereum-based blockchain prototype called ‘Masterchain’ for financial messaging, to be used by banks in Russia. The Bank of Russia, the country’s central bank, has developed a technical prototype called ‘Masterchain’. The prototype is based on distributed ledger or blockchain technology for the Russian financial market, an announcement by the bank revealed yesterday. The blockchain platform prototype was developed for financial messaging between banks in the Russian financial system and was put to the test. The announcement added: The....
The central bank of Russia has successfully completed a distributed ledger trial. Dubbed "Masterchain", the Bank of Russia described the system as "a technical prototype for financial messaging" that uses a distributed ledger built with participation from undisclosed market participants. The prototype, it further said, provides a means to pass financial information between parties, ensuring "prompt confirmation of data actuality". According to bank representatives, the prototype could serve as a basis for future systems, enabling the development of new....
Major Russian bank VTB uses a central bank-backed blockchain to issue bank guarantees to local cellular network giant MTS. VTB, the second largest bank in Russia after Sberbank, has piloted a new blockchain-based system to issue bank guarantees.According to an official announcement on Dec. 16, VTB provided a blockchain-enabled bank guarantee to the country’s largest mobile cellular network provider, MTS.As part of the development, the bank issued MTS a guarantee for the fulfillment of payment obligations worth 392 million rubles, or $5 million. The commercial operation implemented....
It is impossible to stop the Bitcoin movement, that much has become evident. Excluding Bitcoin from Russia would do more harm than good in the long run. Russia has always had an unusual relationship with Bitcoin and cryptocurrency. It has been unclear how the situation will evolve for quite some time now. A new statement by the Bank of Russia hints at no further action being taken against the usage of Bitcoin. Another positive sign for Bitcoin on a global scale, although this does not mean cryptocurrency is legal in Russia all of a sudden. People have to keep in mind this statement does....
Russia’s central bank has examined three platforms offering crypto-related services. The projects have been tested in its regulatory sandbox in the course of 2020. Bank of Russia has received dozens of requests to pilot various financial services since it created the closed regulatory environment around three years ago. CBR Pilots 3 Crypto Projects in 2020 The Central Bank of the Russian Federation (CBR), also known as Bank of Russia, launched the sandbox back in 2018, when developments in financial technology and decentralized digital assets presented regulators with a new set of....