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Russian banks saw the benefit of the FTS blockchain platform

  • Banks saw the effectiveness of using blockchain to minimize paperwork

  • Business representatives claim insufficient aid amid pandemic

  • Blockchain, meanwhile, is in high demand in the Russian market

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Financial institutions noted an improvement in the efficient provision of additional government support measures to businesses, including soft loans

New blockchain platform developed by the Federal Tax Service of Russia has made it possible to effectively unite business and government in digital format amid the coronavirus pandemic.

This was reported on the official website of the Federal Tax Service of the Russian Federation.

The blockchain-based platform helped to increase the efficiency of measures of state support for micro and small businesses, said the head of the Federal Tax Service of the Russian Federation Daniil Egorov.

Simplifying bureaucracy

It is reported that with the help of blockchain technology, Russian banks were able to minimize the time for issuing additional government support measures to business – soft loans, as well as reduce labor costs for providing and processing information..

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It is noteworthy that in early July, the Russian Council of Shopping Centers (RSTC) announced that a quarter of all shopping centers could eventually close if the government does not allow deferring the payment of taxes for 2020.

“The industry has not received any subsidies or compensation from the state for the lost rental income, and the consideration of all proposals to support the industry invariably ends with refusals,” said Oleg Voitsekhovsky, managing director of the RSTC in an interview with RBC..


The FTS, however, said that representatives of banks are interested in further expanding the use of blockchain “and other measures to support business.”.

Russian banks saw the benefit of the FTS blockchain platform

“Representatives of banks proposed to consider the issue of expanding the use of the digital platform to other measures to support business,” the Federal Tax Service of the Russian Federation said.

Unlike digital assets, the regulation of which in Russia is still not fully understood, blockchain technology is used quite actively.

Earlier, for example, the editorial staff of BeInCrypto wrote that the largest Russian bank introduced a system of automated payments based on distributed ledger technology.

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