March 28, 2024

The Bank of Russia plans to launch a digital mortgage based on blockchain technology

The Bank of Russia is considering the possibility of launching a digital mortgage that will use technologydistributed registry. First Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatova spoke about this in an interview.

According to Skorobogatova, the regulator is discussing thisopportunity with banks. The platform was developed by members of the FinTech Association; it will allow one to abandon “routine, old technological solutions” and ensure seamlessness of all processes related to mortgage lending. Rosreestr and the Ministry of Digital Development of the Russian Federation are also working on the project.

“It seems to us that digital mortgages fit well with the decision that the members of the association made,” Skorobogatova said.

Answering a question about a domestic projectcentral bank digital currency (CBDC), Skorobogatova noted that “the vast majority [of financial market participants] say that a digital ruble is needed.” Interestingly, the opinions of some players (the Association of Electronic Money and Money Transfer Market Participants, as well as the National Financial Market Council) indicate the opposite - experts believe that the market can do without a new instrument.

Skorobogatova said that the Central Bank acceptedthe decision to start developing CBDC, as it understands that the modern economy "has gone or is going into digitalization." The introduction of a new financial instrument is necessary to make the payment chains, which are present in almost all processes, "instant and seamless".

“It [the digital ruble] solves the issues of technological improvement of our payment infrastructure.

The specialist also emphasized that the developmentdigital ruble does not mean a change in the position of the Bank of Russia in relation to cryptocurrencies. The regulator still considers private cryptocurrencies “dangerous” and does not see the need for their legalization in Russia, “except for those cases of ownership that are prescribed [in the CFA law].”

Skorobogatova noted that despite the bancryptocurrencies, "distributed ledgers in our country are developing, flourishing and flourishing." She drew attention to the fact that the Central Bank itself participates in the development of blockchain platforms and puts forward its own initiatives in this area. In particular, the regulator is considering the possibility of creating a factoring platform based on a distributed ledger.

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