Russian government approves ‘Masterchain’ for digital mortgage pilot

The Russian government approved the use of the blockchain platform Distributed Ledger Systems for data exchange within a pilot for digital mortgage.

According to ForkLog, at Distributed Ledger Systems, which operates Masterchain, the platform is used to exchange information between depositories for the accounting and storage of electronic mortgage notes and Rosreestr.

The aim of the experiment is to convert mortgage notes from paper to electronic form. The rollout is planned for December 2021.

Earlier this year, it was reported that the Bank of Russia would launch a digital mortgage based on Masterchain, and in June—Gazprombank’s plans to transfer the issuance of mortgage notes to the blockchain platform.

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