Sberbank, the biggest bank in Russia might adopt blockchain technology in the future. The bank plans to join the international consortium R3 and develop blockchain based services. However, as in the case of other international big banks , it doesn’t plan to use BitcoinCT r: 10 .
“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 Lev Khasis, the bank’s deputy chairman for Russian daily Kommersant .
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.“ Lev Khasis, the bank’s deputy chairman "Another bank joining R3 does not excite me at all and it is irrelevant to consumers too. Banks will use the blockchain to save money in the back end with no saving or impact to the end consumer. It helps their bottom line. It may be faster, but it won’t be more secure as they are missing out the most important part that makes a blockchain secure – a cryptocurrency like Bitcoin,“ Simon Dixon , CEO BnkToTheFuture .com and Fund Manager of Bitcoin Capital told to CT. “Bitcoin is the most secure blockchain, as it rewards its miners (auditors) with newly created Bitcoin. Without external miners (auditors) being incentivized to verify transaction there is little security improvement. We are more passionate about investing in technology that makes banks less significant, than blockchains that make it cheaper for banks […]
