Cryptocurrency and ICO news 06.07.2018

Russian banks to operate on blockchain in 2019

Izvestia reports that the new capacity will enable transaction parties to use digital letters of credit and smart contracts, which will substantially speed up the process of transaction and decrease banks’ expenditure by 20% at the average.

Central Bank estimates that digital letters of credit will reduce the average term of deal completion from 18 to 8 days and significantly decrease the expenditure and risk. One of the main amendments to the Regulation on transfer of funds is the permission for transaction parties to use digital letters of credit and smart contracts.

The former are expected to appear on Masterchain platform this year and in 2019 the technology will become available for wide use.

The updated version of the regulation puts stronger emphasis on the requirements for e-documents: it will be possible to not only email them, but also exchange them via distributed electronic systems. Experts believe it will give a substantial increase to transparency of the transaction for all parties.

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