'It cannot be faked or lost,' said the Moscow Credit Bank about Russia's first on-chain guarantee.
to a statement, the transaction was performed through the Masterchain blockchain platform, andthe Russian national blockchain network created to transfer digital assets between its participants.
As one of the advantages of performing the transaction on-chain, the financial institution mentioned that"the beneficiary does not need to wait for the paper version and make a separate request to the bank to confirm the authenticity of the issued document." A bank guarantee is a financial safeguard offered by a lending institution. Through a contractual agreement, a bank agrees to assume financial responsibility for a specific transaction if the customer fails to fulfill its obligations. Bank guarantees are commonly used in international trade transactions to ensure that payment is made or goods are delivered as promised.On the Masterchain blockchain platform, a ready-made bank guarantee is displayed, which is agreed upon by three parties.
for its digital currency on April 1, 2023. The digital ruble transactions will be conducted by 13 local banks and several merchants, Cointelegraph reported. The CBDC pilot was initially scheduled for 2024, but was moved to an earlier date as the Russian central bank sought SWIFT alternatives in light of Western economic sanctions.
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