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The Central Bank of the Russian Federation has announced their interest in a blockchain based digital mortgage platform.
A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full. The Russian Central Bank, which conducted a video conference with the House of Representatives (State Duma) of the Russian Federation in Moscow, is considering a plan to manage mortgage records on the Masterchain.
Masterchain was developed by 14 Russian banks, payment agencies, and the Russian Fintech Association in 2018 and hard forked the Ethereum blockchain to build it as an Ethereum-based blockchain. According to the white paper, MasterChain will work with government departments as well as Russian banks dealing with contract registration and market regulation. It also aims to ultimately replace the SWIFT network.
Vice President of the Central Bank of Russia stated "Masterchain confirmed the possibility of successful digital mortgage issuance"
"The decentralized depository system for digital mortgage bonds has been piloted and confirmed the likelihood of success," said Vice-Governor Skorovogatova of the Central Bank of Russia.
How do you think the Masterchain Blockchain Platform will turn out?
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