Russian Central Bank Weighs Ethereum-based EAEU Payment Network


Russian Central Bank considers the adoption of the Ethereum-based EAEU payment network. According to the Central Bank of Russia’s first deputy governor, Olga Skorobogatova, the proposed payments network could be utilized with the help of the Ethereum-based platform, namely Masterchain. 

4 April, AtoZForex The authorities from the central bank of Russia have stated that a proposed pan-EAEU payments network can be launched on the Ethereum-based platform.

Russian Central Bank Weighs Ethereum-based EAEU Payment Network

According to the Central Bank of Russia’s first deputy governor, Olga Skorobogatova, the proposed payments network could be utilized with the help of the Ethereum-based platform, namely Masterchain. The payments network would be serving the whole Eurasian Economic Union.

Russian local media reports state that Olga Skotobogatova has shared the following:

“We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure. It would enable us to use blockchain’s distributed ledger technologies within the EAEU’s space, settle payments and transmit financial information sidestepping current payment systems.”

Some of the previous official statements in regards to the launch of a ‘single payment space’ have appeared to be relatively open in relation to the P2P cryptocurrency issuance. However, the latest report has concentration on the bank-to-bank transactions.

BRICS Cryptocurrency?

According to Skorobogatova, the upcoming platform will be launched first in Russia. Then, the authorities plan to expand the platform’s reach to the other union members, those including Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

The Masterchain platforms was initially developed by the Russian Fintech Association at the central bank and some other financial institutions. The first prototype of this idea has been launched in 2016.

The her remarks, Skorobogatova has stated that Russia might look into taking part in the development of a digital currency that would also be launched in the union. The same commentary has appeared to signal that such a currency could be issued on behalf of the BRICS member-countries – Brazil, Russia, India, China, and South Africa.

It is still unclear whether Skorobogatova was talking about a single currency for all BRICS and EAEU countries or two separate ones.

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