{"id":564326,"date":"2023-03-15T16:54:21","date_gmt":"2023-03-15T13:54:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-is-the-answer-to-russias-settlement-issues-banking-exec-says\/"},"modified":"2023-03-15T16:54:21","modified_gmt":"2023-03-15T13:54:21","slug":"blockchain-is-the-answer-to-russias-settlement-issues-banking-exec-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-is-the-answer-to-russias-settlement-issues-banking-exec-says\/","title":{"rendered":"# Blockchain is the answer to Russia\u2019s settlement issues, banking exec says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27248089895\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27248089895\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-is-the-answer-to-russias-settlement-issues-banking-exec-says\/#%E2%80%9D_Blockchain_is_the_answer_to_Russias_settlement_issues_banking_exec_says_%E2%80%9C\" >&#8221; Blockchain is the answer to Russia\u2019s settlement issues, banking exec says &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Blockchain_is_the_answer_to_Russias_settlement_issues_banking_exec_says_%E2%80%9C\"><\/span>&#8221; Blockchain is the answer to Russia\u2019s settlement issues, banking exec says &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMzU3ZTlmOGUtNzc0OS00OWQ5LWJmMzMtZTFjYmVhNWUyNWJmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The adoption of blockchain is the right direction for Russia to solve its current settlement issues, according to an executive at Russia\u2019s largest bank, Sberbank.<\/p>\n<p>Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> has matured over the past few years to offer new capabilities that potentially enable Russia to create more efficient payment systems, Sberbank first deputy chairman Alexander Vedyakhin said.<\/p>\n<p>On March 14, Vedyakhin took part in the meeting of Russia\u2019s Federation Council on the budget and financial markets committee, highlighting the promising future of blockchain in Russia, the local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> agency Interfax <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.interfax.ru\/business\/890913\" data-amp=\"https:\/\/www-interfax-ru.cdn.ampproject.org\/c\/s\/www.interfax.ru\/amp\/890913\">reported<\/a>.<\/p>\n<p>According to Vedyakhin, distributed ledger technology (DLT) is a great foundation for a new payment system due to its decentralized nature and privacy-enabling features. He stated:<\/p>\n<blockquote><p>\u201cBecause it\u2019s a distributed ledger, there is no single point of decision-making, no center, no switch that can be turned off; everyone has records of everything, and there are special protocols that allow you to do this confidentially.\u201d<\/p><\/blockquote>\n<p>Vedyakhin added that Sberbank is currently actively exploring the implementation of blockchain technology for payments. \u201cWe are confident that Sberbank and other colleagues from the central bank will find this solution,\u201d he stated, expressing confidence that blockchain will become more relevant in 2023. The Sberbank executive said:<\/p>\n<blockquote><p>\u201cNext-generation payment systems will be on blockchain.\u201d<\/p><\/blockquote>\n<p>In his speech, Vedyakhin also noted that blockchain technology has rapidly evolved over the past few years, with developers managing to find solutions to issues, such\u00a0 limited scalability and limited privacy. These blockchain issues have been solved so far, he added.<\/p>\n<p>According to Mark Smargon, CEO of the permissionless public ledger project Fuse Network, there is no technical reason preventing Russia from creating its own blockchain-based system.<\/p>\n<p>\u201cMajor adoption by mainstream businesses and their consumers is right around the corner thanks to recent developments in scaling and privacy technology, notably on EVM [Ethereum Virtual Machine]-compatible systems, which have become the standard for experimentation,\u201d Smargon said in a statement to Cointelegraph.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Russian crypto advocates urge Putin to stop regulatory hostility<\/em><\/strong><\/p>\n<p>He noted that fully online real-time technology for cross-border payment settlement is \u201conly a matter of time,\u201d with technology significantly maturing over the past few years. At the same time, Smargon questioned whether blockchain could enable economies to bypass international sanctions, stating:<\/p>\n<blockquote><p>\u201cIt needs to be clarified when this technology will become widely adopted and whether it will enable users to bypass international sanctions. Blockchain enables better transparency, and disinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion is not only a solution for illicit activities.\u201d<\/p><\/blockquote>\n<p>The news comes amid Sberbank finalizing its Ethereum-based decentralized finance platform, which it plans to trial by May 2023. Russia\u2019s largest bank has also been working on an international settlement platform that would serve as an alternative to SWIFT. According to Sberbank CEO German Gref, the company plans to finalize its configuration in 2023.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-is-the-answer-to-russia-s-settlement-issues-banking-exec-says\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Blockchain is the answer to Russia\u2019s settlement issues, banking exec says &#8220; The adoption of blockchain is the right direction for Russia to solve its current settlement issues, according to an executive at Russia\u2019s largest bank, Sberbank. Blockchain technology has matured over the past few years to offer new capabilities that potentially enable Russia&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/357e9f8e-7749-49d9-bf33-e1cbea5e25bf.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74889,82570,70934,4975,71523],"class_list":["post-564326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-payments","tag-swift","tag-regulation","tag-russia","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=564326"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564327"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}