Moscow Credit Bank has issued a blockchain-based bank guarantee denominated in Chinese currency, claiming the product is the first in the country. The bank guarantee exceeds 100 million Chinese yuan — or nearly $144,600 USD at time of publication. According to a statement, the transaction was performed through the Masterchain blockchain platform, andthe Russian national blockchain network created to transfer digital assets between its participants. As one of the advantages of performing the transaction on-chain, the financial institution mentioned that "the beneficiary does not need to wait for the paper version and make a separate request to the bank to …

VTB, the second-largest bank in Russia after Sberbank, has piloted a new blockchain-based system to issue bank guarantees. According to an official announcement last Wednesday, VTB provided a blockchain-enabled bank guarantee to the country’s largest mobile cellular network provider, MTS. As part of the development, the bank issued MTS a guarantee for the fulfillment of payment obligations worth 392 million rubles, or $5 million. The commercial operation implemented Masterchain — an Ethereum-based blockchain prototype backed by the Russian central bank. The parties completed the transaction in real time, with VTB issuing a digital guarantee signed with a reinforced qualified signature. …