en.Wedoany.com Reported - The Bank of Russia (Банк России) has published a document titled "Concept for a Commercial Smart Contract Platform" for discussion, planning to create a platform within the digital ruble system that allows market participants to develop smart contract scenarios.
In the accompanying note, the Bank of Russia stated that the digital ruble platform already supports basic smart contracts for recurring and one-time transfers. To expand the range of innovative services for citizens and businesses, the Bank of Russia plans to develop a Commercial Smart Contract Platform (ПКСК) based on the digital ruble platform, attracting market participants to engage in the creation of smart contracts. The concept references foreign application experience of smart contracts in Asian and European countries, domestic implementation experience in Russia, a future platform model, participant roles, monetization schemes, information security principles, and the positive effects of platform implementation.
Platform participants are divided into operators, smart contract developers, verification bodies, trusted data providers, and users. The operator is responsible for organizing platform operations, connecting developers and trusted external data providers to the platform, establishing technical requirements, information security requirements, and data exchange rules, and ensuring the existence of a smart contract verification procedure. In the initial phase, the Bank of Russia will act as the operator, but in the future, a separate organization may be established specifically to manage the platform. Smart contract developers are legal entities whose tasks include describing the logic of contract operations, developing and eliminating source code vulnerabilities, eliminating identified business logic defects, and modifying contract versions. Verification bodies are responsible for checking whether smart contracts comply with the stated business logic and information security requirements. Trusted data providers supply the platform with information on events and indicators from external sources, involving market quotes, goods delivery status, etc. The document notes that the future platform will support three types of external data sources—national and commercial information systems, as well as public information sources. Users are natural and legal persons who can access smart contracts published on the platform.
The concept concludes that the commercial smart contract platform will enable all participants to implement innovative payment scenarios on the trusted and fault-tolerant infrastructure of the digital ruble, extending the programmability of the digital ruble to commercial use cases. A representative of the Bank of Russia's press office stated that the regulator has just begun discussing the concept of creating the platform, and market participants can submit responses and suggestions until September 30, 2026.
Alexander Potavin, an analyst at Finam Group (ФГ "Финам"), stated that creating this platform is a development of the broader theme of using the digital ruble. He explained that with the digital ruble, payments can be modified to occur automatically when required conditions are met, such as when goods have been delivered, services have been provided, a deadline has passed, or documents have been signed. The Commercial Smart Contract Platform (ПКСК) is essentially a marketplace for smart contracts.
Natalya Milchakova, Chief Analyst at Freedom Finance Global, believes that creating this platform indicates significant progress by the Bank of Russia in the development of the digital ruble pilot project. She noted that on such a platform, where settlements are conducted using this third form of currency, no party can violate the terms of the contract. She speculated that ordinary Russians would initially open token wallets for digital ruble transactions on the platform by entering into smart contracts with the Bank of Russia. She believes that the platform's implementation will not happen overnight, and this process will last at least one to two years. At the same time, she commented on the Bank of Russia's plans to create such a platform, stating that the regulator is very seriously committed to promoting the digital ruble.
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