Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain

A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan payments is growing. MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan Moscow Credit Bank (MKB) has issued what it described as Russia’s first digital bank guarantee for an amount exceeding 100 million Chinese yuan, using blockchain technology — the Masterchain platform developed by the Central Bank of Russia. In a press release quoted by RBC Crypto, MKB explained that