Blockchain technology can solve issues with settlements, Russia’s largest bank says.
Russia’s largest bank is working with other financial institutions to develop blockchain-based payment applications, the banker revealed.With major Russian banks disconnected from the main global interbank payment system,, due to Moscow’s war on Ukraine, blockchain will help to solve the problem with payments, Sberbank’s First Deputy CEO Alexander Vedyakhin is convinced.
“Everyone has everything recorded, there are special protocols that make it possible to do this confidentially,” the executive added during a meeting of the Budget and Financial Markets Committee of the Federation Council, the upper house of Russian parliament. The banker also noted that the crypto-related technology has developed over the past few years and highlighted some of the outstanding issues that had to be resolved. These include the capacity of blockchain platforms and the confidentiality of transactions.
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