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Russian bank issues first on-chain bank guarantee in Chinese yuan

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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 confirm the authenticity of the issued document." A bank guarantee is a financial safeguard offered by a lending institution.

Through a contractual agreement, a bank agrees to assume financial responsibility for a specific transaction if the customer fails to fulfill its obligations.

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