Russian bank guarantees first Chinese yuan on-chain

Russian bank guarantees first Chinese yuan on-chain

On April 1, 2023, Russian central bank will launch the Central Bank Digital Coin’s (CBDC) first consumer trial.

Moscow Credit Bank has reportedly issued the country’s first blockchain-based bank guarantee denominated in Chinese yuan.

At the time of writing, the bank guarantee reaches 100 million Chinese yuan, or about $144,600 USD.

In accordance with a release, the transaction was conducted using the Masterchain blockchain platform and the Russian national blockchain network designed to facilitate the transfer of digital assets among its members.

Among the many benefits of conducting the transaction on-chain, the financial institution noted that “the recipient does not need to wait for the paper version and submit a second request to the bank to check the legitimacy of the issued document.”

A bank guarantee is a kind of financial protection provided by a financial institution.

A bank agrees via a contract to bear financial responsibility for a particular transaction if the client fails to meet its commitments.

In international commerce transactions, bank guarantees are often used to ensure that payments are fulfilled and items are delivered as promised.

A bank guarantee that has been agreed upon by three parties is shown on the Masterchain blockchain network. “It cannot be lost or forged,” the bank added.

While importer contracts are fixed to Chinese currency, Yuan is the currency of the bank guarantee.

If a payment is made according to the guarantee, the recipient will receive rubles at the agreed-upon exchange rate. Director of MCB’s International and Structured Finance Department Natalya Bahova remarked:

“Most foreign trade contracts are serviced in Chinese currency, and the demand for payments in yuan is only growing. This is a logical step for the market, we will see more examples of this in the near future. The decision will be especially relevant for large groups of companies that have many subsidiaries that accept bank guarantees in large quantities and on a regular basis.”

Russia’s central bank is prepared to launch the first consumer pilot for its digital currency (CBDC) on April 1, 2023, as part of the nation’s continuous crypto advances.

The digital ruble transactions would be processed by thirteen local banks and many retailers.

CBDC pilot was supposed to begin in 2024, but it was expedited forward because the Russian central bank was looking for alternatives to SWIFT in light of On April 1, 2023.


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