Russia’s second largest bank VTB pilots bank guarantees on blockchain
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....
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