Russia Will Register Real Estate On The Blockchain

Russia Will Register Real Estate On The Blockchain

Russian authorities are considering the possibility to register real estate and housing projects on a blockchain.As a local Russian media and cryp

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Russian authorities are considering the possibility to register real estate and housing projects on a blockchain.

As a local Russian media and cryptocoinnews.com wrote, the Russian Ministry of Communications is looking into the use of blockchain technology. One of the agencies that can possibly use the technology is the Federal Registration Service, a federal executive body responsible for the state registration of rights to real estate.

“[W]e are considering the use of blockchain in the work of such agencies as the Federal Registration Service. Automatic real estate transactions, in particular, are considered as a pilot project for the use of blockchain in transactions related to equity construction and joint housing development.”, as Nikolai Nikiforov,  head of the Ministry of Communications of the Russian Federation, told reporters.

A similar thing is supposedly happening in Japan, where the government plans to unify all property and land registries, while registering them on a ledger that relies on Blockchain.

At the same time, Russia can use blockchain technology for their payment system, as a Russian online media plusworld.ru reported earlier.

On the other hand, Russia`s state has taken a negative stance towards digital currencies. In April, Russia`s deputy finance minister made clear that the adoptation and/or mining of digital currencies can be criminalized in the country.

In June, cryptocoinnews.com reported that the Central Bank of Russia is testing a number of digital currency pilots toward the development of a national digital currency.

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