A branch of the Raiffeisen Bank International in Russia is said to have issued an electronic mortgage via local blockchain Masterchain according to a news report on September 24.
In the document where all the information about the parties in the transaction is contained, there’s also the type of property that was purchased and also the credit loan and the duration is published in a decentralized depositary system. This system is based on a Russian network named Masterchain that can transfer valuable data via blockchain. This project has been developing since 2016 by a group of local banks led by the Central Bank of Russia.
The director of the IT department for Raiffeisen said that the document that is verified with an electronic signature is sent to the Russian state agency that is in charge of collecting data about real estate. After this process is finished, the mortgage token is moved to the file storage which is basically the Raiffeisen Bank. This is the first kind of e-mortgage in Russia as the director notes.
He also believes that if the country is connected to the platform It might just accelerate the process of getting all the needed data on mortgage and making a deal without third parties. Further negotiations are being pushed so other banks can join in as well. The next step for this bank would be to use blockchain to purchase contracts and similar real estate transactions. There are two more Russian banks according to Kommersant that want to be involved in this process and are planning on issuing e-mortgages by the end of 2018.
The blockchain technology has already been tested for real estate business in the Netherlands. This is why other major Russian banks have expressed their interest in blockchain and for this reason, the Central Bank of Russia has already held a successful ICO test in order to create a draft of a possible crypto regulation.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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