Russia’s Central Bank is considering the possibility of using the Masterchain’s Ethereum blockchain technology to create a single payment space across the Eurasian Economic Union (EAEU), the Central Bank’s First Deputy Chairman Olga Skorobogatova said Tuesday.

“We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure. It would enable us to use blockchain’s distributed ledger technologies within the EAEU’s space, settle payments and transmit financial information sidestepping current payment systems,” she explained.

As she explained it is still “an active discussion is underway” and they are “looking into several quality technologies”. The discussion will take place as early as this year.

The Bank of Russia insures that the process can be potentially used across the EAEU and as a part a strategy for financial technology development in Russia. “The system of financial message transmission based on blockchain will be meant for transmitting SWIFT financial communication,” point Tass.

During the first stage, the newly created platform is going to operate inside the country. If it is a success, it will be used for cross-system cooperation between EAEU member-states.

The Masterchain’s ethereum blockchain technology was developed by the FinTech Association together with the regulator and Russian banks.