The Bank of Russia is considering creating a separate platform for commercial smart contracts for the digital ruble. According to the regulator's plan, market participants will be able to develop and host their own scenarios for automatic transactions there.
A smart contract is a program that automatically executes the terms of an agreement after a pre-defined event occurs. That is, money or another action can be triggered automatically when the necessary condition of the transaction is met.
The Central Bank proposes creating a special showcase for such solutions. Banks, companies, and other market participants will be able to publish their scenarios, and citizens and businesses will be able to choose options for specific tasks.
At the first stage, the Bank of Russia itself plans to become the operator of the platform. The regulator has already published the concept of the future system: it describes the roles of participants, possible operating scenarios, and approaches to information security.
The development of smart contracts will be one of the directions for the evolution of the digital ruble platform. In the future, it could transform it not just into another way to transfer money, but into a tool for the automatic execution of financial agreements.