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Blockchain & Cryptocurrency
October 2018 www.intellinews.com I Page 15
Russian Raiffeisenbank registered first blockchain mortgage loan
The Russian subsidiary of the Austrian bank Raiffeisenbank has set up the first ever mortgage registry based on blockchain, using a decentralised deposit system (DDS) Masterchain, Vedomosti daily reported on September 24.
Masterchain is a platform developed by the Central Bank of Russia and the large commercial banks in the Fintech association. RIA Novosti
also reported that Sberbank already tested the platform with a similar deal.
Reportedly using the DDS will increase the safety of data storage, cut the depository costs, and speed up the transactions for both the clients
and the bank. The electronic registries are now officially allowed in Russia as of July 1 2018 under the amendments to the Mortgage Law.
Armenian MPs approve draft law for technology FEZ devoted to blockchain-based projects
Armenia’s Standing Parliamentary Committee on Economic Affairs has approved a draft law on creating a free economic zone (FEZ), News.am reported on September 5.
Armenian Minister of Economic Development and Investments Artsvik Minasyan initiated the drafted bill which is to create the country‘s fourth FEZ, in Hrazdan, Kotayk Province, 45 kilometres from the capital Yerevan.
Hrazdan FEZ will have a centre for mining data and a technological cluster under FEZ organiser
ECOS. The main task of the FEZ will reportedly be the creation of infrastructure for the development of projects that work on the basis of blockchain, artificial intelligence and machine learning.
The strategy for the FEZ envisages around 200 operators by 2043. The plan is to secure foreign direct investment, raise the investment appeal of Armenia, create export-oriented high-tech and
IT products, and promote sustainable economic development in Armenia. The FEZ will be licensed for 25 years.