A central bank official on Tuesday, April 3 declared that Russia’s Central Bank is contemplating on utilizing its Masterchain blockchain software in the transmission of SWIFT financial messaging all over the Eurasian Economic Union (EAEU).

Established under the supervision of the central bank, Russia’s FinTech Association, successfully completed a test run of the Ethereum-based software back in 2016 and finished its working version last year.

As reported by Russian news agency Tass, Central Bank of Russia‘s first deputy chairman Olga Skorobogatova, was quoted saying, “An active discussion is underway, and we are looking into several quality technologies, including Masterchain.”

Skorobogatova pointed out that Masterchain is currently being considered and undergoing further examination as to how Blockchain could develop a “supranational infrastructure” for payments within the EAEU, which would allow member states to “sidestep” already existing payment systems.

The central bank plans to operate its chosen platform in Russia first before eventually spreading out as an EAEU-wide system.

Regarding as to when further deliberation on Masterchain might happen, Skorobogatova stated, “I think that we will discuss options regarding this project as early as this year.”

Taking a more stringent stance on digital currency, the Central Bank of Russia has been actively engaged in the Blockchain and cryptocurrency space. Last year, it issued warnings on the dangers associated with crypto investments. At the same time, it supported efforts to ban websites selling virtual currencies in the country.