Russian Government launches Blockchain project with Sberbank.
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. The “Digital Ecosystem” project aims to study distributed document storage. This can potentially make the process much faster and more reliable compared to traditional methods.
The FAS is an executive government agency that oversees federal enforcement of law competition. Together with Sberbank, the two organizations have developed what they call an “electronic communications model,”. It can store encrypted documents, exchanged and signed with electronic signatures.
“The innovative aspect of the Digital Ecosystem project is that no intermediary communications provider is required when transferring documents.” “Using network participants instead can make the process more convenient and cut costs.” Said the Director distributed services of Sberbank, Stepan Kuznetsov.
This project, however, is not limited to just two organizations. Blockchain hype has infected other notable Russian businesses. These include some of Russia’s biggest companies such as Aeroflot airlines, Russian Coal and ForteInvest, who are also looking to benefit from Bitcoin’s underlying blockchain technology.
Sberbank CEO Herman Gref recently warning an audience of finance executives and state officials at the Moscow Financial Forum that Russia risks falling behind in technological innovation if virtual currencies are banned.
Deputy Finance Minister, Alexei Moiseev, appears to have heeded the message. He has since reversed his stance despite spearheading a proposal to ban Bitcoin and other “surrogate currencies” in Russia.
“All of this does not pose much of a danger to the public, as it has not taken on a mass character that could pose a threat to our financial system right now,” “In the future, it could possibly emerge given that it is not regulated.” Moiseev told reporters.
Additionally, Sberbank’s headquarters in Moscow recently one of the few places in Russia where people can spend Bitcoin to buy espresso and croissants. And though the coffee shop is an independent vendor, the ability to use a “surrogate currency” at the main office of Russia’s biggest bank certainly bodes well for the future of Bitcoin in Russia.
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