St. Petersburg Social Commercial Bank (SPSCB) and MyWish plan to start a joint project after a recent decision of the Central Bank concerning cryptocurrency regulation which will open new opportunities for managing crypto assets in various real situations.
The development and popularization of the blockchain industry have created a demand for the development of services for owners of cryptocurrency and the SPSCB is aware of the scale of the trend appeared and the importance of applying innovative technologies for the development of both its own service and the banking sector as a whole.
“At present time, the owners of cryptocurrency are limited in possibilities to use their funds. But people has already had the desire to use available funds including sharing them with their relatives. Our service extends the range of possibilities and allows people transferring their crypto currency even to a grandmother who has never heard the words Bitcoin and Ethereum”, Vladimir Tikhomirov, a Founder of MyWish and a Founder of DDG says.
The Bank plants implement a mechanism with the help of which MyWish’s users which will allow them the opportunity to transfer fiat funds to beneficiaries within the implementation of Smart contracts, such as testaments, marriage contracts, gifts, etc. A Smart contract is a program that allows automatically transferring crypto currency when applying certain terms and conditions.
An owner of cryptocurrency creates a Smart contract on the MyWish platform, fills in the identification data and the transfer amount. An addressee should receive the funds due to him/her.
In turn, the bank should open a settlement account for the transaction. Once the funds are transferred to this account, the payment order can be paid to the recipient upon request when providing necessary documents.