The Reserve Interstate Bank (hereinafter referred to as the Bank):
Organization and coordination of bilateral and provision of multilateral interstate payments between Central (National) banks on trade or other transactions and their regular completion based on multilateral clearing (offset of liabilities).
Implementation in a blockchain environment:
- Smart Contracts: Contracts between members, Protocols between members (in an Inversion environment);
- Clearing (firstly in an Inversion environment);
- Accounting and reporting standardization (Inversion, then blockchain);
- Payment document standardization and payment practice in all member states of the Bank (Inversion, blockchain);
- Develops proposals to ensure an oversight of commercial banks (blockchain);
- Short-term lending of Central (National) banks (Inversion, blockchain: Agreements, hereinafter, the settlements);
- Analysis of Contracting Parties’ economic conditions, preparation of proposals and recommendations for Central (National) banks on coordination of their monetary and currency policy (Smart Contracts on blockchain);
- All clearing transactions and settlements made by the Bank are accounted in US Dollars (Inversion, blockchain);
- Opens accounts for Central (National) Banks which can keep their assets with the Bank;
- The Bank’s cleared funds are held on correspondent accounts both with the Central Banks and with other correspondent banks;
- The Bank’s resources for crediting any settlement transactions are formed from the Central (National) banks’ assets with the Bank, as well as from credit facilities duly opened by creditor banks with the Bank;
- Central banks – opens accounts for the Bank;
- Correspondent banks – opens accounts for the Bank.
Agreements are required to be signed between the Bank and:
- President (Government) of the State;
- National (Central) Bank of the country;
- Customer providing a credit or a guarantee on credit.