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The transaction was performed through the Masterchain blockchain platform, which is the Russian national blockchain network.
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Latest Masterchain News
Masterchain is an Ethereum-based blockchain prototype released in 2017 by the Bank of Russia’s FinTech Association.
Masterchain uses distributed ledger technology to ensure secure interactions between banks and financial organizations. It quickly checks client data and transaction information, allowing for faster information sharing while providing privacy in financial transactions.
Despite support from the country’s five main banks, Sberbank, Alfa Bank, VTB, Raiffeisenbank Russia and Otkritie, complaints about inefficiency arose in September 2021.
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Major Russian bank VTB uses a central-bank-backed blockchain to issue bank guarantees to local cellular network giant MTS.
4933 Blockchain is attracting increased interest from Russian financial institutions and IT companies, and may be poised to overcome skepticism from Russian regulators.
750Bank of Russia has introduced Masterchain, an Ethereum-based Blockchain prototype. As stated in the official report, the Masterchain platform was created to serve interests of the financial market actors and is being tested.
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