The Central Bank of Russia is currently working on a digital mortgage program, which will be operated by blockchain, according to a recent paper. The document suggests the blockchain is titled Masterchain and is being built in the county.
Russia’s Central Bank has already submitted an official request to relevant government departments, including the State Registration, Cadastre, and Cartography Service (Rosreestr). The blockchain platform has been promoting digital mortgages, as it is planning to launch the platform to come.
A Bank of Russia affiliate-FinTech Association-launched Masterchain in 2017. It is Russia’s first blockchain network to get Federal Security Service (FSB) approval.
Used previously to facilitate e-mortgages, Masterchain. A Raiffeisen Bank subsidiary, back in September 2018, disclosed papers on mortgage transactions which include duration, credit load, and some information on the individuals involved in a Masterchain mortgage transaction.
The application of blockchain in Russia is an exciting one for progress and expansion. But the government hasn’t been tolerant of cryptocurrencies, even with so much funding.
Back in March, Alexey Guznov, head of the legal department of Russia’s Central Bank, announced a bill that listed cryptocurrencies as an “unjustified risk.”
Whereas the Provenance blockchain has been developed by Figure Technologies, a loan securitization platform that initially focused on mortgages.
It also has introduced blockchain-backed home equity lines of credit and mortgage refinance products. Natwest Bank partners with Coadjute to optimize the Mortgage process.
The Dubai Land Department, elsewhere, is operating on a blockchain-based mortgage platform with Mashreq Bank.
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