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

April 4, 2018 2:39 pm Published by

CoinDesk reports the Central Bank of Russia might use its Masterchain blockchain software to transmit SWIFT financial messaging across the Eurasian Economic Union (EAEU), an official said.

A successful trial of the ethereum-based software by Russia’s FinTech Association, formed under the oversight of the central bank, was achieved in 2016, the report said, with a working version of the software occurring in 2017.

In a report by the Russian news agency Tass, Olga Skorobogatova, the Central Bank of Russia’s first deputy chairman said: “An active discussion is underway, and we are looking into several quality technologies, including Masterchain.”

She explained Masterchain is under consideration while a broader examination takes place studying how the blockchain could create a “supranational infrastructure” for payments within the EAEU, allowing member states to “sidestep” existing payment systems, the report said.

The central bank, the report continues, intends to operate its platform of choice within Russia first, before rolling it out later as an EAEU-wide system.

Asked when further discussions over Masterchain might take place, Skorobogatova remarked, “I think that we will discuss options regarding this project as early as this year.”

The Central Bank of Russia has been active in the blockchain and cryptocurrency space, and has taken a particularly strict approach to the latter, CoinDesk reported. 

In 2017, it both issued warnings regarding the risks associated with crypto investments and backed efforts to block websites selling cryptocurrencies in the country, the report said., Jack Durschlag

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