Bank of Russia says its readiness to create a physical repository for smart contracts

12 Russian banks can take part in the pilot project

11.11.2022 - 16:00

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What’s new? The Bank of Russia will consider the idea of creating a repository for smart contracts in the country. This was announced by First Deputy Governor of the regulator Olga Skorobogatova at the forum Finopolis 2021/22. The proposal was put forward by Dmitry Zauers, Deputy Chairman of the Management Board of Gazprombank, TASS reports.

News on the TASS website

What other statements have been made? According to Zauers, the idea of creating a repository of smart contracts, in which banks participating in the pilot project could monitor the quality of smart contracts and ensure the transparency of their work, should be worked out. Skorobogatova supported Zauers and said that the Bank of Russia will take up the implementation of this idea.

Currently, smart contracts between companies or individuals are allowed in Russia, but they are outside the legal field. In the future, it is planned that they will have legal force. The development of such technologies is assumed by the program of the national project “Digital economy” for the period 2019-2024.

In October, the media reported that as part of a pilot project to test the digital ruble, Russian citizens will be able to carry out new operations with the asset namely make smart contracts on the blockchain, make payments, pay for goods offline and recover money if devices are lost. As early as next year, a limited number of participants will test transactions based on smart contacts, and by 2024 the Bank of Russia will begin to connect various credit organizations to the platform.

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