Russia’s largest bank, Sber – formerly known as Sberbank – continues to have a strong interest in cryptocurrencies. While it had already announced that it was developing its own blockchain, it is accelerating and announcing that it will be EVM compatible and therefore usable from Metamask.
A so-called blockchain “EVM compatible” is a blockchain compatible with “ the Ethereum virtual machine (EVM).
Sberbank, 51% owned by the Russian statehad already applied to the Bank of Russia in 2021. The goal was topermission to develop and put online a blockchain for his “Sbercoin”, a stablecoin of which we still know little.
Ever since, the blockchain has been deployed and the bank made its first issue of cryptocurrencies then in June 2022. That is just months after obtaining approval from the Russian central bank in the spring of 2022.
And the least we can say is that Sberbank’s interest does not seem feigned. Indeed, on November 30, Sber officially announced that it would become its own blockchain EVM compatible and connected to Ethereum. This means it will use the same technical standards as Ethereum and will be based on the virtual machine developed by the Ethereum Foundation to work. Developers working on Sber can migrate smart contracts and decentralized applications (Dapps) from one blockchain to another, and vice versa.
Since Sber’s blockchain is EVM-compatible, the bank also announced that it would be possible to interact with it via Metamask, the most widely used cryptocurrency wallet in the world. In particular, it is through this application that many users interact with the Ethereum network on a daily basis. Future users of the Sberchain will therefore be able to use the well-known fox wallet to carry out transactions. A news that should facilitate the adoption of the latter, although a sarcastic mind may consider that the decision of consent (the publisher of Metamask) to collect the IP addresses of its users was the deciding factor.
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The Russian state declares its love for cryptocurrencies
The Russian government has had a strong interest in cryptocurrencies for a few years now. Recently, Vladimir Putin himself confirmed that the monopoly of payment systems banks around the world could be undermined by this. Statements made after the financial sanctions imposed by the West following this year’s invasion of Ukraine, sanctions restricting Russia’s access to international markets. But at the same time, Putin’s government ndoes not allow its residents to use cryptocurrencies as a means of payment, not appreciating at all the absence of a centralized body of control over Bitcoin… Did you say inconsistency?
Despite the bleak period the ecosystem is going through, institutions and states continue to show great interest in technology. Launch of its blockchain, its stablecoin, iinteroperability with Ethereum and Metamask… Russia is strongly attracted to cryptocurrencies through Sberbank as more and more bitcoin distributors pop up in the country.
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