Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a centralized token of its own, which is expected to come out sooner than later to be able to compete with the current competition proposed by the decentralized tokens or otherwise known as the cryptocurrencies.
Sberbank is thinking about developing its very own blockchain platform to facilitate people with the purchase of digital assets from it. The deputy chairman at the executive board at Sberbank, Anatoly Popov, is taking into account the Bank of Russia as a prime candidate for the registration of this new blockchain so the operation could begin. According to a local news agency TASS the merger is expected to be completely nearing mid-September.
Sberbank’s New Initiative Will Support Crypto Adoption
The project is still in development, and most of the framework is already developed or thought of in advance; Popov is adamant that by the end of the year, the whole thing will not only be fully functional but also allowing the third parties to list their crypto tokens on its blockchain for the sake of selling it. Until the feature is fully tested or out, for that matter, the blockchain is currently tasked with the handling of Sberbank’s own digital finances and assets for the time to begin. Bank of Russia is acting as a regulatory body providing Sberbank with all sorts of information and guidelines which it requires for the sake of making the blockchain work and to be able to operate it within the country.
Recently enough, Sberbank has sent an updated application model of the blockchain it has been working on to the Bank of Russia and is awaiting some feedback from the bank. With the proper implementation of this blockchain, Sberbank will be able to pave the way for crypto adoption and integration of the blockchain as a technology into multiple businesses and digital ventures.