Russian Treasurers Association Joins Masterchain Banking Pilot 

The Russian Association of Corporate Treasurers is joining the nation’s central bank in trialing the government-run Masterchain blockchain platform, the group announced last week.

The association is testing Masterchain to facilitate communications within the national banking system, according to the Masterchain white paper. This would mark the latest move to use the platform to replace the SWIFT inter-bank communication network, a use case which was first discussed in April 2018.

The platform was created by the nation’s FinTech Association in collaboration with Russia’s 14 largest banks, including VTB.

According to the white paper, the system will include Russian banks and government agencies responsible for contract registration and market regulation. FinTech is claiming that switching to Masterchain in processing mortgage contracts will reduce operating costs up to five times and instead of days the transactions will take minutes…

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