Russia Considers Masterchain Blockchain For Pan-Eurasian Payments

Russia's Central Bank Mulls Ethereum System For Pan-Eurasian Payments

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  • Russian central bank is considering adopting the Masterchain blockchain for Pan-Eurasian Payments.
  • The country kicks against cryptocurrency but appreciates the tech backing up cryptocurrency.

Russia: An official of Russia’s Central Bank told us on Tuesday, March 3, that the bank is currently mulling over adopting the Masterchain blockchain software to send out SWIFT financial messages within the Eurasian Economic Union (EAEU).

The Russian FinTech Association – an association created under the control of the Russian central bank – conducted in 2016 a successful trial of the Ethereum-based software, and in 2017 perfected a working version of the software.

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Tass, a news agency in Russia, reported that the first deputy chairman of Russia’s central bank, Olga Skorobogatova, said that:

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

Olga said that the bank is considering Masterchain blockchain and giving it a broader examination to see how it could be used to build a “supranational infrastructure” for Pan-Eurasian Payments, enabling member states to “sidestep” the present systems of payment.

The central bank would run this system within Russia first, before extending it as an EAEU-wide system later.

When asked when the further discussion over the Masterchain blockchain would take place, Olga responded:

“I think that we will discuss options regarding this project as early as this year.”

Although Russia’s central bank has been actively adopting the use of blockchain tech and Ethereum system, yet it has taken a strict clampdown approach on cryptocurrency.  Last year, Russia issued several warnings as regards the risks associated with investing in cryptocurrency, it also backed efforts to shut down websites trading digital currencies in the country. The irony of the matter remains that Vladimir Putin, the Russian President is planning to launch a cryptocurrency called “CryptoRuble” for Russians.

What do you think about Russia’s stance on Blockchain Tech and cryptocurrency? Tell us your opinion in the comment box.

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