The Central Bank of Russia is intending to use a local, FSB-approved blockchain for its upcoming e-mortgage project.
The Central Bank of Russia is reportedly developing a digital mortgage platform powered by a domestically developed blockchain called Masterchain, local state-owned news agency Ria reported on May 28.
According to Olga Skorobogatova, first deputy governor at the central bank, Masterchain has recently started to support digital mortgages, which forms a foundation for the upcoming platform.
The financial institution has already submitted the proposal for its digital mortgage project to the government and the Federal Service for State Registration, Cadastre and Cartography (Rosreestr).
Masterchain is reportedly the first blockchain platform in Russia to be certified by the Federal Security Service, or FSB.