As part of the development, the bank issued the country’s mobile cellular network MTS a guarantee for the fulfilment of payment obligations worth USD 5 million. The commercial operation implemented Masterchain — an Ethereum-based blockchain prototype backed by the Russian central bank.
Introduced in 2016, Masterchain is a blockchain platform certified in Russia, using local cryptographic data protection methods. The platform was developed by the Russian Fintech Association alongside the Bank of Russia and financial players like Sberbank, Alfa-Bank, Tinkoff Bank and Qiwi.
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