The regulator is also considering the possibility of launching a factoring platform based on a distributed ledger.
The Bank of Russia is considering the possibility of launching a digital mortgage that will use distributed ledger technology. Olga Skorobogatova, First Deputy Chairman of the Central Bank of the Russian Federation, spoke about this in an interview for Fintech Show (TASS project).
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According to Skorobogatova, the regulator is discussing this possibility with banks. The platform was developed by members of the FinTech Association, it will allow to abandon “routine, old technological solutions” and ensure the seamlessness of all processes related to mortgage lending. Rosreestr and the Ministry of Digital Development of the Russian Federation are also working on the project.
“It seems to us that digital mortgages fit well with the decision that the members of the association made,” Skorobogatova said.
When asked about the central bank’s domestic digital currency (CBDC) project, Skorobogatova noted that “the vast majority [участников финансового рынка] says that the digital ruble is needed. ” Interestingly, the opinions of the players that Kommersant’s journalists (the Association of Electronic Money and Money Transfer Market Participants and the National Council for the Financial Market) were able to get acquainted with suggest the opposite – experts believe that the market can do without a new instrument.
Skorobogatova said that the Central Bank has decided to start developing the CBDC, as it understands that the modern economy “has gone or is moving towards digitalization.” The introduction of a new financial instrument is necessary to make the payment chains, which are present in almost all processes, “instant and seamless”.
“Is he [цифровой рубль] solves the issues of technological improvement of our payment infrastructure.
The specialist also stressed that the development of the digital ruble does not mean a change in the position of the Bank of Russia in relation to cryptocurrencies. The regulator still considers private cryptocurrencies “dangerous” and does not see the need for their legalization in Russia, “except for those cases of ownership that are registered [в законе о ЦФА]”.
Skorobogatova noted that, despite the ban on cryptocurrency, “distributed ledgers in our country are developing, flourishing and flourishing.” She drew attention to the fact that the Central Bank itself participates in the development of blockchain platforms and puts forward its own initiatives in this area. In particular, the regulator is considering the possibility of creating a factoring platform based on a distributed ledger.