Russia progresses to its first implementation of Blockchain

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Sberbank, a bank that is run by the Russian government, announced today that it officially completed its first government-level Blockchain implementation through a partnership with Russia’s Federal Antimonopoly Service (FAS), where Blockchain will be used to implement document transfer and storage.

According to local sources, this is the first direct move that the government makes in order to implement Blockchain technology.

Andrey Tsarikovskiy, the statе secretary and deputy head of FAS, stated in the Sberbank press release:

“Our country is opening up new possibilities for the economy through the use of advanced knowledge and technology. Making the system launch a reality means we are not only one of the first actual users of Blockchain for government in the world, but also [are pioneering its use] as a practical tool for further growth.”

For the past few years, the Russian government has been very open to the Blockchain technology and has consistently shown interest in implementing it in order to advance the development in the country. After President Vladimir Putin met with co-founder of Ethereum Vitalik Buterin, the state-owned bank VEB signed an agreement with the Ethereum Foundation to develop Blockchain education programs in the country.

Despite this, the government’s official position when it comes to its citizens using cryptocurrencies is relatively strict.

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