StoneState Managing Partner Daniil Kirillov believes that digital mortgages

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The volume of the issue of digital financial assets amounted to 15 billion rubles. The issuer was Russian Railways, and the investor was VTB Factoring (GC). The circulation period of the digital financial assets is 180 days. The rate is 8.45% per annum.

Mikhail German, a uganda whatsapp resource partner at the Varshavsky and Partners law firm, believes that the reason for stopping the experiment was the lack of thought in the mechanism for the technical implementation of the project and the established business processes.

have become an innovation in the market, which has allowed many banks to expand their product line and offer borrowers not only mortgage loans, but also services for quickly conducting transactions in a one-stop shop and registering with Rosreestr, which has objectively increased consumer interest in obtaining mortgages due to the ease of registration, which has inevitably led to an increase in purchasing activity in the real estate market.

Daniil Kirillov suggests that the Ministry of Digital Development has come to the conclusion that funding such a project is impractical due to the need to constantly maintain electronic communications between a large number of participants in the process, as well as to ensure an adequate level of security for storing information, which in itself is expensive and does not justify the ratio of the volume of allocated resources to the results. "Perhaps the reason is the electronization and simplification of the procedure for assessing real estate and processing mortgages, as a result of which the meaning of the value of the mortgage is lost, because recently we can observe quite large-scale leaks, including personal data," he said and drew attention to the fact that the possibility of processing a digital mortgage guarantees market participants the exclusion of a number of technical errors associated with the human factor, since paper mortgages in Rosreestr were certified in writing and manually by state registrars before the start of the experiment.

Daniil Kirillov suggests that the Ministry of Digital Development will offer an alternative option for digitalization of this process and digital mortgages will not become just a pleasant memory for both consumers and specialists, including lawyers and brokers who participate in transactions along with clients.