According to the press release of Credit Moscow Bank, Credit Moscow Bank issued the first digital RMB bank guarantee in Russia using blockchain technology.
The release said: "Credit Moscow Bank issued the first bank guarantee of 100 million digital yuan. This transaction was implemented on the Masterchain blockchain platform."
Natalia, Head of International and Institutional Fundraising Department of Credit Bank Moscow? "This is the first digital bank guarantee issued in RMB through Masterchain in the market," Bahova said
According to the bank information, the advantage of digital bank guarantee is that the beneficiary does not need to wait to receive the paper information and ask the bank separately to confirm the authenticity of the given documents. The prepared bank guarantees negotiated by the three interested parties are also displayed on the Masterchain platform. The press release said that the documents could not be forged or lost.
It is said that the issued bank guarantee is valued in RMB, because the contract of this specific importer is bound to RMB, and the supplier will get the ruble according to the exchange rate negotiated by both parties when paying according to the guarantee.
Bakhova also pointed out that "most foreign trade contracts are serviced in RMB, and the demand for payment in RMB is increasing. This is a reasonable step for the market, and we will see more similar examples in the future. This decision will be particularly important for large group companies with subsidiaries that require a large amount of bank guarantees on a regular basis“
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