Russia's Sber Bank Integrates Ethereum For Business Uses Of Blockchain, Web3, and DeFi
Many countries' banks warn people about cryptocurrency and how risky it is to get involved in crypto. People know what is better for their finances and choose what is best for them. Russia's Sber Bank is working on its own blockchain and integrating Ethereum and Metamask wallet.
They are going to support smart contacts and Ethereum applications. Developers will be able to move their projects and smart contacts between Sber’s blockchain and open blockchain networks. They are analyzing and figuring out business uses for blockchain, DeFi, and Web 3.0.
It is a smart move for banks to integrate blockchain into their existing system. They see the money transferring from the bank to blockchain-based projects. People are interested more in Decentralized Finance. What's going on in centralized crypto platforms makes it clear how risky it is to get involved in CeFi.
After getting approval from the central bank, Sber started its digital currency trading in June 2022. Since the Russian government holds the majority of its share, whatever happens in Sber, will be controlled by the central authority.
When it comes to crypto, Russia has a love-hate relationship. The government banned any use of Bitcoin in Russia in 2020. Recently Russia’s President Vladimir Putin talked about using blockchain technology and the possible solution to make international payments.
There is a monopoly when it comes to international payments. Blockchain technology removes all barriers and makes any transaction faster, cheaper, and more efficient. There are sanctions in Russia and the banks are blocked from using the international payment system, SWIFT.
Russia took the initiative to launch a national crypto exchange. It is reported that they are working on it. It is a good thing if any country accepts cryptocurrency and uses blockchain technology for development.
But when there is centralization, no matter what level you put on it, it will lose its appeal. Eventually, it will end up in a bad place. It happens over and over in crypto. And we will see the same thing in the future. When people don't trust a system, no matter how good that is, people will not welcome that.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Very nice