Sberbank, the largest Russian bank launches its blockchain

The first Russian bank, Sberbank, has just launched its own blockchain after receiving a license from the Russian central bank last June. Its first operation consisted of issuing three-month bonds for an amount of approximately $ 15.7 million.

Sberbank has its own blockchain

With around 100 million customers, Sberbank is arguably the most important banking institution in Russia, after its central bank. Very early (from 2018), the banking institution became interested in the enormous potential of the blockchain, a technology inherent in the vast majority of cryptocurrencies.

On July 9, Sberbank announced through an official press release that it had taken another step in blockchain research. The bank has launched its own blockchain network designed to issue digital assets.

Sberbank was quick to use it as its subsidiary SberFactoring issued the first digital bond “using smart contracts” on this internal blockchain.

A few months after the large Russian bank Sberbank received the digital financial asset trading license (DFA), the bank’s subsidiary, SberFactoring, carried out its first DFA transaction worth around 1 billion rubles (16 million dollars).

The announcement comes after Anatoly Popov, vice president of the bank’s board of directors, said the first transaction would take place within a month. He revealed this in an interview with the TASS news agency last month. The bank plans to make the blockchain available to all professional clients.

“We observe the development of new technologies, including in the field of distributed ledgers, we study how blockchain technologies develop. Currently, there are many projects that use them and also in Sber, of course. In spring we were included in the register of information systems operators in which digital financial assets are issued. Our platform has already passed the acceptance tests and the first transaction will take place in a month, “he said in a TASS statement.

Russia is developing its cryptocurrency sector

Russian financial authorities are reportedly trying to slow down the registration that was supposed to start in January 2021. But since then the central bank appears to have toned down blockchain initiatives slightly.

In fact, last February, the Atomyze platform was the first in the country to receive this license. On 29 June it also made its first official transaction with VTB, the second largest Russian bank.

Gradually, we see that the traditional financial community is increasingly using the technologies of the blockchain ecosystem to optimize its various management operations.

Russia in general is interested in many aspects of crypto and blockchain technology, known for its natural gas and oil resources. Russia can boast very competitive electricity prices for many miners, and the Russian central bank said that if miners sell tokens in Russia, it might consider legalizing cryptocurrency mining.

Furthermore, while various international regulators are discussing stablecoins, the Russian Ministry of Finance wants stablecoins to be legalized in Russia. Likewise, Russia is developing a sandbox for cross-border crypto payments, possibly in collaboration with countries interested in Russian commodities and food resources.

If Russian economic backers like Sberbank are starting to develop different blockchain and crypto solutions for the Russian economy, it is because the whole country is preparing for the massive and rapid adoption of this new technology. The possible tsunami in the crypto economy is sure to spark a lot of debate.

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