National Settlement Depository (NSD) and Russian Agricultural Bank will transfer grain accounting to blockchain and release specialized tokens. This was announced to RBC by the Chairman of the Board of NSD Eddie Astanin.
Tokens will be issued for goods in stock and recorded on receipts.
"The farmer put a ton of grain onwarehouse, received a receipt. Then he puts a receipt for safe custody at the Rosselkhozbank, and the bank issues a token for this ton of grain. By submitting a receipt, the agricultural producer immobilizes this grain, that is, loses the opportunity to receive a batch without paying off the token. ”- explained Astanin.
Tokens are also intended for trading in the secondary market, they added to NSD.
They decided to tokenize grain in the depository afteridentifying shortages on elevators by the Moscow Exchange, the parent company of NSD. The goods acted as collateral for swap transactions. Subsequently, the Mosbirzha stopped all such operations in the grain market.
According to Astanin, transferring accounting to blockchain will solve the problem. He added that tokenization will allow the sale of fractional lots of grain to small suppliers. Now there is no such possibility.
NSD stated that the technically pilot project is ready for launch, but the accounting of tokens needs separate regulation.
“We are looking at how this is technically done in general, where we run into legislation, or rather, in its absence, to offer the regulator to regulate this zone,” - noted Astana.
Recall that recently NSD published a report on the use of blockchain technologies in Russia and in the world.