The Central Bank of Russia is considering the use of Masterchain software based on Ethereum for the transfer of SWIFT financial messages within the Eurasian Economic Union (EAEC).
The Russian Fintech Association, formed under the supervision of the Central Bank, successfully conducted software tests on the basis of Ethereum in 2016 and completed the creation of a working version of its software during last year.
The Deputy Chairman of the Central Bank of Russia, Olga Skorobogatova, said:
“Active discussion continues, and we are researching several high-quality technologies, including Masterchain”.
Skorobogatova explained that Masterchain is being studied as a system that can create a “supranational infrastructure” for payments to the EAEC. The Bank intends to first develop its platform for Russia and later deploy it across the union.