Sberbank plans to join R3 blockchain consortium

Announcements | December 11, 2015 By:

Sberbank announced its plan to join the international consortium R3 and develop blockchain based services.

“We cooperate with the consortium very closely and watch the direction of blockchain technology. We are studying the documentation and I can’t rule out that we will enter. though there’s no final decision yet,” said Sberbank deputy chairman for Russian daily Kommersant Lev Khasis.

According to L. Khasis, although blockchain is the building base for Bitcoin payment network, Sberbank doesn’t plan to use it. „As far as I know, the regulator’s negative position haven’t changed. blockchain, however, could be used for our internal settlements, transactions between our subsidiaries and other banks. It has nothing to do with cryptocurrencies, it’s just another accountant method: simple, fast and reliable.“

Sberbank of Russia is a Russian banking and financial services company headquartered in Moscow. Sberbank has operations in several European and post-Soviet countries.