The Bank of Russia is considering the possibility of launching a digital mortgage, which will use the distributed ledger technology. This was disclosed by First Deputy Chairman of the Central Bank of Russia Olga Skorobogatova.
According to Skorobogatova, the regulator is discussing this possibility with banks. The platform was developed by members of the FinTech Association, it will allow abandoning the „routine, old technological solutions“ and ensure the seamlessness of all processes related to mortgage lending. Rosreestr and the Russian Ministry of Digital Development are also working on the project.
„It seems to us that digital mortgages fit well with the solution that just the association members have made,“ Skorobogatova said.
Asked about the central bank’s domestic digital currency project (CBDC), Skorobogatova said that „the overwhelming majority [of financial market participants] say the digital ruble is needed.“ Interestingly, the opinions of some players (the Association of Electronic Money and Money Transfer Market Participants, as well as the National Council for the Financial Market) say the opposite – experts believe that the market can do without the new instrument.
Skorobogatova said that the Central Bank decided to start developing CBDC because it understands that the modern economy „has gone or is going digital“. The introduction of the new financial instrument is needed to make payment chains, which are present in almost all processes, „instant and seamless“.
„It [the digital rouble] solves the issues of technological improvement of our payment infrastructure.
The specialist also stressed that the development of the digital rouble does not mean a change in the Bank of Russia’s stance towards cryptocurrencies. The regulator still considers private cryptocurrencies „dangerous“ and sees no need for their legalization in Russia, „except for those cases of ownership that are prescribed [in the CFA law].“
Skorobogatova noted that despite the cryptocurrency ban, „distributed registries in our country are developing, blooming and flourishing.“ She drew attention to the fact that the Central Bank itself is involved in the development of blockchain platforms and puts forward its own initiatives in this area. In particular, the regulator is considering creating a factoring platform based on a distributed ledger.