The Bank of Russia is preparing to legalize digital letters of credit, and smart contracts

The Bank of Russia is preparing a legislative framework for the use of the blockchain in Russia. According to the published draft amendments to the regulations 383-P, the innovation will allow parties to commercial transactions to use digital credits and smart contracts. As noted in the Association «FINTECH» — this will speed up operations and reduce costs banks an average of 20%. Digital credits on the blockchain the platform «Mastercam» will appear later this year, but for mass application will become available only in 2019.

According to estimates of the Central Bank, the emergence of digital credit will reduce the average term of transactions almost doubled, from 18 to 8 days, which in turn will significantly reduce costs and risks. As noted by a leading expert RAKIB Daniel Sakamaki, now on the exchange of documents between the Bank and the parties of the transaction takes several days for the consideration of papers before the five days. Although this transaction is very reliable, it costs a Bank is very expensive.

Despite the fact that the position of the 383-P and was previously allowed to use electronic documents, test transactions showed that the security of operations with digital letters of credit was insufficient, said the head of Department of documentary operations and trade Finance Raiffeisenbank Tatiana Ivashkova. At VTB Bank, said that the new edition takes account of the proposals of the group of banks included in the Russian national Committee of International chamber of Commerce (ICC Russia).

Tatiana Ivashkova explained that the new version of the document pays more attention to the requirements for electronic documents: for example, you can send not only email, but also to convey through a distributed electronic system. Ivashkova believes that this approach will significantly increase the transparency, reliability and security operations to all parties to the transaction.

To date, the letter of credit is a complicated and expensive tool, explained Tatiana Ivashkova. Even with the purchase of apartments by individuals, letters of credit, and even cost is not so expensive, require the parties to the transaction time-consuming. As stated in the VTB, using the technology of the blockchain will significantly increase the calculation speed, reduce the cost of delivering and storing paper documents, and also reduce the risks of fraud and loss of documents. Assessment of aft, the expenses of banks on operations with letters of credit on the average reduced by 20%.

«Applying the blockchain will increase the market interest in this kind of banking transactions. In Russia, 80% of primary applications for a letter of credit transaction is rejected due to improper paperwork,» — said Tatiana Zharkova.

Electronic documents and the blockchain is committed to ensuring that letters of credit are a mass product, as simple and cheap as payment, but it will remain a reliable means of securing obligations, says Tatiana Ivashkova.

Digital logic development is to replace or at least minimizing human involvement in routine operations where the computer is not only cheaper, but removed the human factor, which carries great risks, said Daniel Sakamaki from RAKIB. If banks will replace the work of the same back office, checking documents, more reliable and faster electronic system — it will undoubtedly lead to savings and a substantial increase in the speed of transactions. The Association said that due to the use of the blockchain, the letters of credit will become more popular and more affordable not only for large companies but also for small businesses.

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