Russian Federal Taxation Service will develop blockchain to monitor preferential mortgages

The technology will make it possible to keep track of the budget funds spent on the state program

11.07.2022 - 16:20

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What’s new? Russia will start developing a blockchain-based system from the Federal Taxation Service (FTS), which will allow monitoring the effectiveness of the preferential mortgage program. The corresponding decree was signed by Russian Prime Minister Mikhail Mishustin. According to the government website, the new technology will allow “consolidation of information” on state support. The timing of the accounting system has not yet been announced.

Information on the Russian government’s website

What is known about the new technology? Mortgage information will be entered into the blockchain by the credit institutions themselves.

“Data will be collected and processed online, which will greatly simplify and accelerate the analysis of the availability of such support tools and their effectiveness,” the government website says.

Earlier, the FTS and the Federal Notarial Chamber of Russian Federation (FNC) began exchanging machine-readable electronic powers of attorney using a blockchain platform.

Russia also prepared to launch a test version of SWIFT analogue on the blockchain. According to the developers of the project, the blockchain transmission speed exceeds 25 000 messages per second.

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