The Russian government will consider the possibility of using the blockchain platform “Masterchain” in the field of public administration. This was stated by the head of the Ministry of Digital Development, Maksut Shadaev, according to ТАСС.
According to the minister, the initiative is under discussion together with an association overseen by the central bank.
“To avoid starting from scratch, we are simply taking it up and trying to understand its possibilities of use [in public administration],” he said.
The Masterchain blockchain platform is designed for transfer between participants of digital values and information about them. The project is developed by LLC “Distributed Ledger Systems”.
Back in October 2019, Masterchain received a certificate from the FSB of the Russian Federation for the use of Russian cryptographic standards and compliance with information security requirements.
In September 2021, the Russian government approved its use for data exchange within an experiment in digital mortgages.
In November 2021, Masterchain, together with VTB Factoring and the unified factoring platform GetFinance, announced plans to issue digital financial assets and to form digital portfolios of obligations with their help.
In January 2022, AK BARS Bank issued to Rostelecom a digital bank guarantee based on Masterchain.
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