Russia’s Central Bank is considering the possibility of using the Masterchain’s Ethereum (ETH/USD) blockchain technology (developed by the FinTech Association together with the regulator and Russian banks) to create a single payment space across the Eurasian Economic Union (EAEU), TASS reported.
"We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure,” Central Bank’s First Deputy Chairman Olga Skorobogatova said.
She explained that it would enable the use blockchain’s distributed ledger technology within EAUA to settle payments and transmit financial information sidestepping current payment systems.
Skorobogatova said the Bank is looking into several quality technologies, including Masterchain and assured that options would be discussed as early as this year.
The Bank of Russia expects the system of financial message transmission based on blockchain to transmit SWIFT financial communication. At the first stage, the platform will operate inside the country, though later the regulator plans to use it as a base for cross-system cooperation between EAEU member-states.
EAEU includes Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan.
By Siranush Ghazanchyan