Russia’s Sber Bank Plans To Integrate Ethereum on its Blockchain

• The bank made the news during a global conference attended by industry leaders.
• An official news release states that the Sber blockchain will integrate with MetaMask.

Blockchain of Sber, the biggest bank in Russia and one of the largest in the world will be technically compatible with Ethereum, the biggest decentralized finance (DeFi) ecosystem in the world. The bank made the news during a global conference attended by blockchain industry leaders.

The bank said at the event hosted by the Sber Blockchain Laboratory that developers would be able to easily move smart contracts and whole projects between its own blockchain and open blockchain networks thanks to the integration.

An official news release states that the Sber blockchain will integrate with MetaMask, a popular cryptocurrency wallet for interacting with Ethereum, allowing users to manage tokens and smart contracts on the bank’s platform.

All-Encompassing Legislative Framework

After getting permission from the Central Bank of Russia to issue digital financial assets in March of this year, Sber developed its own blockchain. The platform facilitates the development of custom tokens and smart contracts by its users. As of September, the bank has indicated that they would also be able to create non-fungible tokens (NFTs).

Instructing the bank to make payments in Russian rubles under a smart contract is now conceivable thanks to the system’s ability to communicate with the bank’s internal data networks. In the past, the platform had only been available to corporations, but it was announced that people will be allowed access in the fourth quarter of 2022.

Over the course of the last year, Russian officials have been deliberating a more all-encompassing legislative framework that would allow certain crypto activities like mining and even the usage of crypto assets for cross-border payments. 

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