The Bank of Russia has developed amendments to position «About rules of implementation of money transfers» clarifying the order of operations for letters of credit using the technology of the blockchain.
The amendments of the regulator also lists incentives for the development of calculations under the letter of credit with the use of new technologies including the blockchain, and includes the requirements for the exchange of information, provision of documents and other aspects of such transactions.
According to the regulator, the use of the blockchain for transactions with letters of credit allow banks to reduce the time and cost of such operations and reduce the number of refusals to accept documents for non-conformity of the stipulations of the credit.
In 2016, the Russian airline S7 Airlines, Alfa-Bank held the first in Russia transaction of payment through letter of credit with the use of smart contracts using the blockchain.
In 2017 Sberbank and OAO Severstal announced today the successful holding of the international letter of credit transactions with the use of this technology.