Thursday, November 30, 2023

The Central Bank of Russia has added another platform called “Masterchain” to the list of companies allowed to create tokens from traditional assets and make it easier to trade. This is now the fifth business in Russia which can do this legally.

Russia Gives Nod to Masterchain Platform

The Central Bank of Russia (CBR) has given the go-ahead to a company called Distributed Registry Systems. Their Masterchain platform can be used to create digital financial assets. That’s what RBC, a business news portal, reported.

So far, four issuers have been registered. They are Atomyze (a service that turns something into digital tokens), Lighthouse (a company that deals with finances), Sberbank (the biggest state-owned bank in Russia) and Alfa-Bank (the largest private bank in Russia).

Distributed Registry Systems is a tech company made in April 2021. They create things using blockchain technology to help out the financial, transportation, logistics, and other businesses. Famous Russian banks, Moscow Stock Exchange and Association “Fintech” helped this company get started.

The company wants to release digital financial assets, which could be like bonds or something linked to different things. In the future, more types of these DFAs might come out. Just recently, Moscow Credit Bank said that it used Masterchain to create Russia’s very first digital bank guarantee in Chinese currency.

In January 2021, Russia regulated digital assets (DFAs – a type of currency) with the ‘Digital Financial Assets’ law. Then in February this year, the Russian Parliament’s bottom house passed a bill that lets financial platform people also create and oversee blockchain platforms.

Russia has not yet decided what to do about cryptocurrencies such as Bitcoin. Western countries have stopped doing some financial activities with Russia since invasion in Ukraine. Some people in Moscow think that it’s better for Russia to let some crypto operations happen in places like transactions across borders.

Do you think that Russia will increase its usage of digital money? Let us know what you think in the comments section!

The pictures and images you’ll see are from Shutterstock, Pixabay, Wiki Commons, and Mistervlad/


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