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Ak Bars Bank issued a digital bank guarantee in favor of Rostelecom based on the Russian blockchain platform Masterchain. This was reported in the press service of the bank.
According to the parties to the transaction, placing data in a distributed ledger eliminates the risks of fraud with bank guarantees – it is almost impossible to forge or lose a document in a closed blockchain network.
“Issuance of a digital bank guarantee in favor of Rostelecom ensured the execution of the state contract under 223-FZ (“ On Procurement <…> certain types of legal entities “)”, – said Olga Yasonova, head of the corporate business unit of Ak Bars Bank.
According to her, blockchain speeds up the receipt of guarantees by the beneficiary and simplifies the procedure for their verification while reducing paperwork.
“Corporate business will not waste time and resources on requests to banks to confirm the authenticity of issued guarantees. The verification process is automatic, and the guarantee cycle can be managed electronically, ”added the parties to the transaction.
Recall that in October 2019, the Masterchain blockchain platform received a certificate from the Federal Security Service of the Russian Federation on the use of Russian cryptography standards and compliance with information security requirements.
In September 2021, the Russian government approved its use for data exchange as part of a digital mortgage experiment.
In November 2021, Masterchain, together with VTB Factoring and the unified factoring platform GetFinance, announced plans to issue digital financial assets and form digital liabilities portfolios with their help.
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