In Russia, they will test the issuance of a mortgage on the basis of the Masterchain distributed register . This is reported in the decree of the Prime Minister Mikhail Mishustin. The mortgage experiment should begin no later than December 1, 2021. Completion is scheduled for November 1, 2022.
The experiment will be attended by the Bank of Russia, Rosreestr, Mintsifry, and Dom.RF. The goal of the experiment is to speed up the exchange of information between Rosreestr and banks. As part of the experiment, banks and Rosreestr will exchange user data through the Masterchain blockchain.
This digitalization is expected to make mortgages more affordable.
Moreover, the tasks of the experiment also include the creation of conditions for the development of the state information system «Goschain» based on the «Masterchain».
- Russian mortgage will move to blockchain.
- The experiment is scheduled to begin on December 1 this year.
- Blockchain is expected to make digital mortgages more affordable for the population.
It should be noted that the electronic mortgage in Russia has existed since July 1, 2018. However, this time the innovation should be the distributed storage of mortgages (now electronic mortgages are stored centrally at depositories).
As noted by Vedomosti, experiments with registration of mortgages through Masterchain were carried out in the spring of this year. However, then anonymized data was used. This time, real data of citizens will be involved in testing, said Oleg Komlik, deputy managing director of Dom.RF.
Earlier, the head of government stressed that the state should keep up with global trends and become a digital platform «in the best sense of the word.» At the same time, at the beginning of 2020, Mishustin said that Russia needs reforms that would make the state «a digital platform designed for people.»
