Russia’s Sberbank introduces Ethereum compatibility, MetaMask integration, coin issuance on its blockchain platform
Editor’s Note: With so much market volatility, stay tuned for daily news! Get caught up in minutes with our quick summary of today’s must-read news and expert opinions. Sign up here!
.png)
(Kitco News) – Sberbank, the largest bank in Russia, announced this week that it has added new features to its open blockchain platform during a corporate blockchain industry event hosted by the Sber Blockchain Laboratory.
The updated Sberbank platform will be technologically compatible with Ethereum, the world’s largest decentralized financial ecosystem (DeFi), which will enable developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open blockchain networks.
The new platform will also be able to integrate with MetaMask, one of the most popular cryptocurrency wallets, enabling users to use an existing wallet to transact tokens and smart contracts on the platform.
“The Sberbank blockchain laboratory works closely with external developers and partner companies, and I am glad that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, director of the Sberbank Blockchain Laboratory.
Sberbank’s blockchain platform will also allow participants to issue their own tokens and create smart contracts. Integration with the bank’s information systems enables users to make payments with smart contracts in rubles.
“I am sure that, given the rapid development of Web3, platforms that support multiple blockchain protocols will be more and more in demand,” Nam said. “And Sber will be able to unite developers, companies and financial institutions both in the context of joint market research and in the development of practical business applications.”
November has been a busy month for crypto in Russia. On November 24, local media reported that Russia’s State Duma began work on a draft amendment to the Digital Financial Assets Law to create a national cryptocurrency exchange, with lawmakers and market participants meeting to discuss what changes would be needed.
On November 7, the Central Bank of Russia opened public consultations on stablecoins, NFTs and other tokenized financial instruments, signaling renewed openness to the growth of crypto in the country.
But just three days later, Central Bank of Russia (CBR) Governor Elvira Nabiullina reiterated her tough stance on cryptocurrencies in the country.
“As for crypto, we are in favor of the development of digital financial assets and the digitization of finance,” Nabiullina said. “But digital financial assets are not limited to crypto, to private cryptocurrencies. We have not changed our position that private cryptocurrencies – for which it is not clear who is responsible, or how responsible, which are opaque and have a high risk of volatility – shall not be used in settlement.”
In April, the International Monetary Fund warned that Russia could use the crypto ecosystem to circumvent Western sanctions imposed on it since it invaded Ukraine in February, including using its embargoed energy sector to mine Bitcoin and boost revenue.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
