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Bank of Russia suggests FinTech’s ethereum blockchain as single system for EAEU

Russia’s Central Bank is considering the possibility of using the Masterchain’s ethereum blockchain technology to create a single payment space across the Eurasian Economic Union

MOSCOW, April 3. /TASS/. Russia’s Central Bank is considering the possibility of using the Masterchain’s ethereum blockchain technology (developed by the FinTech Association together with the regulator and Russian banks) to create a single payment space across the Eurasian Economic Union (EAEU), the Central Bank’s First Deputy Chairman Olga Skorobogatova said Tuesday.

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"We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure. It would enable us to use blockchain’s distributed ledger technologies within the EAEU’s space, settle payments and transmit financial information sidestepping current payment systems," she explained.

"An active discussion is underway, and we are looking into several quality technologies, including Masterchain. I think that we will discuss options regarding this project as early as this year," she said.

The Bank of Russia described the process of the blockchain-based technology creation, which can be potentially used across the EAEU in its strategy for financial technology development in Russia. The system of financial message transmission based on blockchain will be meant for transmitting SWIFT financial communication. At the first stage, the platform will operate inside the country, though later the regulator plans to use it as a base for cross-system cooperation between EAEU member-states.

In mid-February, Skorobogatova said that Russia’s Central Bank intended to focus on legal regulation for using cutting-edge technologies and their implementation across the EAEU.

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