Russian Federal Taxation Service’s blockchain service for monitoring state support will include business lending

More than 70 financial institutions are already connected to the Federal Taxation Service’s system

12.07.2022 - 14:05

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What’s new? The Cabinet of Ministers of the Russian Federation has approved the development of a system to monitor the effectiveness of state support measures, including preferential business lending programs. The system will operate on the basis of the blockchain of the Federal Taxation Service (FTS), to which more than 70 financial institutions are already connected. Lenders will provide data on loans not only to the relevant ministries, such as the Ministry of Industry and Trade of the Ministry of Agriculture but also directly to the service of FTS.

AK&M’s material

What else is known about the new system? Data consolidation will be carried out online, which will greatly speed up the process of collecting information. It is expected that the service will be popular in those regions of Russia, whose authorities submitted the request for such a development. The timing of the system’s release has not yet been reported.

In addition to business lending, the effectiveness of the preferential mortgage program will be monitored on the basis of the blockchain of FTS. Information on loans issued will also be entered into the system by the financial institutions themselves.

On July 11, a pilot version of the SWIFT analog on the blockchain developed by St. Petersburg State University was prepared for testing in banks. The designed transmission speed exceeds 25 000 messages per second on a single node.

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