Russia’s largest bank launches its own blockchain

The first Russian bank, Sberbank, has just launched its own blockchain after obtaining its license last June from the Central Bank of Russia. Its first operation consisted in an issue of bonds, for a maturity of three months, to the tune of approximately 15.7 million dollars.

Sberbank switches to blockchain

SberbankRussia’s largest, partly government-owned bank, launched its own blockchain. This private blockchain notably allows the creation of smart contracts. Thus, to inaugurate the system, the bank was able to issue 1 billion rubles of bondswhich equates to approximately $15.7 million.

The Sberbank blockchain allows program all parameters supported operations. Namely the amount, the due date, or the interest, in the context of these obligations for example. In this case, these have a maturity of three months.

The application case presented here recalls the use of the JP Morgan blockchain by BNP Paribas. Here too, the technology from our ecosystem streamlines operations native to traditional finance. SG-Forge, an internal startup at Société Générale, also allows the issuance of bonds on the blockchain. But prefers, for its part, to focus on already existing ecosystems like Ethereum (ETH).

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An initiative approved by the Central Bank of Russia

The launch of the Sberbank blockchain follows a approval by the Russian Central Bank formalized on June 15. Anatoly Popov, vice-chairman of the bank’s board of directors, congratulates himself on the milestone reached:

“The launch of the platform and our achievement of operator status is the result of the teamwork of many divisions of our bank in close cooperation with the Bank of Russia. It is important that the research conducted by our blockchain lab already translates into industrial commercial solutions […]. »

However, the financial authority would have tried to slow down this recording, which would have been initiated in January 2021. But the central bank seems to have since softened slightly on blockchain initiatives. Indeed, last February, the Atomyze platform was the first to receive such a license in the country. On June 29, the latter carried out its first official transaction with VTB, the second largest bank in Russia.

Little by little, we notice that the technologies of our ecosystem are more and more used by the traditional financial worldin order to optimize their various management operations.

👉 Also in the news – Binance is now registered as a VASP through its subsidiary Moon Tech in Spain

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Sources: Press release, Reuters

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