Ministry of Telecom and Mass Communications: Russian real estate market will adopt blockchain by 2022
The Ministry of Telecom and Mass Communications of the Russian Federation believes that owing to blockchain, half of all real estate transactions in Russia will take an electronic form by 2022, informs News Agency TASS.
According to the governmental project Digital Economy, real estate transactions are going to be digitalized. This measure is designed to reduce the number of criminal schemes and improve the efficiency of construction in the country.
The Ministry expects blockchain to increase the transparency of transactions. To popularize the idea, the entity took a supportive measure of tax exemption for those who lets the property on lease through websites.
According to Maria Litinetskaya, CEO at Metrium group, currently electronic contracts are quite rare, but the digitization of some transaction stages has already begun.
She also said that such changes would be encouraged by competition among banks that would strive to simplify the delivery of services to their customers.