Russia’s Largest Bank & a Federal Agency Launch a Blockchain Project for Document Exchange
Sberbank, Russia’s largest bank by assets and the Federal Antimonopoly Service of the Russian Federation (FAS Russia) have launched a blockchain pilot for the encrypted exchange of documents. The blockchain binge doesn’t quit, especially in Russia. Just a week after the Russian central bank and prominent banks like Sberbank announced the successful testing of a blockchain prototype among major banks in the country, Sberbank has revealed yet another blockchain endeavor. This time, the bank has partnered with FAS Russia, to pilot a blockchain project called the “Digital Ecosystem”, according....
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An anti-trust agency within the Russian government is testing a blockchain-based document management system. Dubbed “Digital Ecosystem”, the project is aimed at developing tools that can “increase the speed, reliability and quality of interaction during document exchange”. The country’s Federal Antimonopoly Service (FAS) is working alongside Sberbank to develop it. Other companies, including Aeroflot, Russia’s largest airline carrier, are also involved, Sberbank said today. In statements, FAS deputy chief Andrey Tsarikovsky said that the project points to a potential reduction in the cost....
Russia’s Sberbank and the Federal Antimonopoly Service (FAS) have announced a pilot project to enable document exchange on the blockchain, one of the key technologies behind Bitcoin. ‘Digital Ecosystem’ Project Taps Blockchain Tech. The “Digital Ecosystem” project aims to study distributed document storage. This can potentially make the process much....
The uncertainties surrounding the use of Bitcoin and other cryptocurrencies have been laid to rest. In a document released on Nov. 29, 2016, Russia’s federal tax service has finally taken a position concerning the legality of Bitcoin use and transactions. The document emphatically stated that there is no legal prohibition of cryptocurrencies. Three years of uncertainty. For almost three years the Russian authorities could not make up their mind whether to ban or accept Bitcoin and introduce penalties. Somewhere along the line, the ministry of finance suggested the introduction of four....
While Russian authorities and officials have frequently poured scorn on bitcoin and digital currencies, going as far as to craft laws aimed at criminally prosecuting adopters and miners, the head of Russia’s largest bank has revealed that he has owned and exchanged bitcoins for fiat currency. Herman Gref, CEO and chairman of the executive board of Sberbank, Russia’s largest bank by assets has, in a public talk, spoken to the benefits of virtual currencies while opining how they will soon permeate into society, as reported by Russian news agency TASS. Speaking at the presentation of a joint....
The quotes are certain to raise eyebrows among bankers, everywhere. The Vice President of Sberbank, Russia’s biggest bank by assets and the third largest bank in Europe (2014 figures) has opined that the advent and spread of blockchain technology will see banks disappear by 2026. Speaking at Metro Expo 2016, an industry conference, Sberbank’s vice president Andrey Sharov shared his thoughts about the future of the banking industry. With quotes reported by Russian news agency , Sharov predicts that the rise of blockchain technology will lead to the demise of the current banking industry as....