Russia’s Central Bank plans to tighten supervision of microfinance institutions. For this purpose, according to representatives of the working group of the regulator, it is necessary to use the blockchain technology for recognition borrowers of MFIs.
We will remind, earlier the Prosecutor General’s office ordered the Central Bank to tighten oversight of micro-loan and pawn shops. This is due to a number of conflicts with collection agencies, reports IA “SeverInform” with reference to “Izvestia”.
The blockchain, or the distributed technology, is a system of information processing, which will make repayment of loans by MFI clients as transparent as possible. Becomes clearer and the process of identification of borrowers. The introduction of the blockchain and will contribute to the development of online lending. “Today, more than 3 thousand MFIs, only 10% make loans online,” – said Alexander Dunayev, the representative of an MFI, which praised the innovation of the Bank of Russia.
In addition, the introduction of the blockchain will accelerate the process of cash flow in the country and will provide reliable protection of the personal information of the borrowers. Also the distributed technology will allow to decriminalize the market of MFIs.
Note, the borrower enters into the system the blockchain after it has been assigned a “personal account”, linked to your passport. This is a set of letters and numbers, which can be sent to the other party without disclosing the identity. To control user data only to state authorities.
Additionally, the new technology of information processing, the Central Bank only learns. The working group plans to complete the study in June of this year.