Russian CEO: Blockchain Will Be Commercial In 2019

Russian CEO: Blockchain Will Be Commercial In 2019

The chief executive of Sberbank, Herman Grief, has commented that the commercial applications of blockchain technology in Russia will be visible in up

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The chief executive of Sberbank, Herman Grief, has commented that the commercial applications of blockchain technology in Russia will be visible in up to two-and-a-half years from now.

Speaking to a local newspaper Prime (1prime.ru), the CEO of Russia`s largest bank by assets expressed his personal opinion that the timeframe, while optimistic, can be achieved.

“Maybe they are a bit optimistic, but 2-2.5 years – is the horizon within which we can speak about the application of blockchain technology in commercial applications.”, said Gref in his interview with Prime.

Sberbank has participated in the discussions surrounding the country`s first financial (private) blockchain consortium. It was the Bank of Russia, Russia`s central bank, which invited banks and other participants to come to the event and talk about blockchain and crypto-technologies in Russia.

Sberbank has also been interested in joining the banking blockchain consortium led by R3.

“R3 [was created] in order to develop protocols, standards and technology. As soon as [these] are implemented, we believe we [Sberbank] will be among the first to take part in it.”, said Sberbank first deputy chairman Lev Khasis in a statement .

In addition, the bank was among the members of the Linux Foundation-run Hyperledger Project, as reported by a regional newspaper bankir.ru and cryptocoinnews.com.

Lev Khasis and Hyperledger CEO Brian Behlendorf signed an agreement that grants Russian bank`s inclusion during the annual banking and financial conference named Sibos.

The chief executive Gref publicly stated its support for blockchain innovation. According to him, banning bitcoin would hinder Russia`s technological progress. Blockchain technology experts may easily move away from Russia to friendlier jurisdictions, said Gref.

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