Bank of Russia concedes employing blockchain technology to de-criminalize microfinancing market and enhance its transparency, Russian publication Izvestia reported.
According to the publication, earlier this February the General Prosecutor’s Office of Russia demanded that the Bank of Russia tightens control over microfinancing organizations and pawn shops. A spokesperson for the Central Bank’s working group for distributed processing and accounting of financial data said that blockchain could be useful in covering the issue.
Blockchain technology may be employed to make credit repayment more transparent and maintain debtor identification easily. In addition, the system will accelerate transactions and provide security for financial data. A lendee gets registered in a blockchain-based system with a personal account associated with his or her identity. The set of letters and numbers will be transferrable to a counterparty without any need to disclose the identity, with only government institutions controlling the data.
http://forklog.net/bank-of-russia-may-use-blockchain-to-control-microfinancing-market/
