Russian Central Bank Is Considering Using Ethereum for Cross-Border Payments

Russia Central Bank Ethereum Masterchain

The Russian Central Bank announced it is considering using Masterchain’s ethereum blockchain technology for cross-border payments across the Eurasian Economic Union (EAEU), reported the Russian news outlet Tass on April 3.

Olga Skorobogatova, the Central Bank’s First Deputy Chairman, told Tass on Tuesday that the Central Bank is currently looking at exploring and studying different technologies such as the Ethereum platform.

“An active discussion is underway, and we are looking into several quality technologies, including Masterchain.”

She also mentioned that the Russian Central Bank wants to use the blockchain technology to create a single payment space where it would be possible for governments to transmit messages across the Eurasian Economic Union (EAEU).

“We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure,” Skorobogatova expressed. “It would enable us to use blockchain’s distributed ledger technologies within the EAEU’s space, settle payments and transmit financial information sidestepping current payment systems.”

The Central Bank plans to implement blockchain nationally at first for financial technology development in Russia. Afterwards, it will extend the service to the other members of the EAEU for each of them to be connected through one platform.

Russia is very active in trying to implement blockchain technology to many of its system. The Russian Vice-Minister announced earlier in March that the government wants to implement a stability-focused blockchain.

 

 

 

 

 

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