April 12, 2024

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Sber is the largest banking enterprise in Russia. It is worth mentioning that under the pretense of western sanctions, the government of Russia has increased its efforts to promote cryptocurrency services in the region.

To this end, Sber officials have announced that they have created a blockchain that is compatible with Ethereum and MetaMask.

The majority shareholder of Sber bank is the Russian government with a “50% +1” equity ownership. The Sber officials have shared that new features of their local blockchain project are going to be compatible with the DeFi sector.

The announcement was made public during the international meeting of blockchain industry participants organized by Sber Blockchain Laboratory.

Integration of Sber’s Blockchain with the Ethereum Network

Cryptocurrency investors are still speculating about the meaning and the authenticity of the claims made by Sber bank.

If Sber is compatible with the Ethereum network, it means that it can also align with the MetaMask wallet issued by ConsenSys. However, MetaMask has already received backlash for collecting IP addresses recently.

However, in association with the Sber blockchain, users would be able to issue personalized tokens and create smart contracts.

Furthermore, the Sber blockchain would also grant the option for investors to make payments in rubles. The director of Sber Blockchain, Alexander Nam, has shown optimism toward his new DeFi project.

In addition to the blockchain project, Sber also launched its first blockchain ETF last year in December. Later that year, Sber applied for approval to debut its stablecoin project named Sbercoin. The permission was granted in 2022, and Sber was able to conduct its first digital currency transaction in June.

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Meanwhile, the Russian president has recently issued a statement claiming that the blockchain network must be free from centralized control.

The government of Russia is also currently working on creating a national cryptocurrency exchange. Russian Duma is working on a legislative bill that would incorporate the exchange into the constitution.

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