UpdatesDec 05, 2022

Russian bank Sber aims to integrate with the Ethereum blockchain

A large Russian financial institution is a cryptocurrency enthusiast.

Russia is a country full of contrasts also when it comes to the approach to cryptocurrencies. In January 2022, the Russian central bank wanted to ban cryptocurrencies, and currently one of the largest Russian banks, Sber - previously known as Sberbank, is developing its blockchain platform more and more dynamically and strives for integration with the Ethereum blockchain.

Russia will accept cryptocurrencies

On November 30, the Russian bank Sber announced plans for its proprietary blockchain platform. The bank's idea is to be compatible with smart contracts and a number of decentralized applications on the Ethereum network.

Sber also plans to integrate with ConsenSys' MetaMask wallet, which, after the change of regulations, was criticized by the cryptocurrency community for its decision to track users' IP. However, this does not discourage the Russian institution, which has a very loose approach to privacy protection, similarly to other financial institutions from this country.

The integration itself means that Sber users and developers will be able to issue their own tokens and create smart contracts, which they will then transfer to the Ethereum blockchain.

In addition, integration with the bank's IT systems will make it possible to make payments in smart contracts in Russian rubles.

The company's actions may be related to the statement of Russian President Vladimir Putin, who in late November called for the creation of an open billing network based on blockchain.