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Major Bank in Russia Announces Partnership with Energy Giant to Propagate Blockchain

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Major Bank in Russia Announces Partnership with Energy Giant to Propagate Blockchain

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The largest majority state-owned bank in Russia, Sberbank, revealed details of a partnership with major state-run power company Rosseti, which includes the promotion of emerging technologies such as blockchain.

Together, the pair plan to collaborate on a number of projects with the joint aims of advancing blockchain in Russia, and developing their own internal expertise. A press release detailing the partnerships reads that they will work on educational projects and research trials with one another.

The strategic partnership is a significant move from Russia as it continues to pursue a leading place in the nascent technological field through its various company arms. In this instance, it seems to be using the collaboration as a means of sharing information and progress.

Part of the agreement states that Sberbank will supply Rosseti with a consultant to increase general efficiency and performance, alongside access to the bank’s ”innovative laboratory developments” and its full ecosystem of products.

Apart from sharing its blockchain data, Sberbank will provide Rosseti with its experience and developments in the field of the internet of things (IoT), business process automation, robotics, VR / AR, big data, and artificial intelligence (AI).

Sberbank was one of two financial institutions behind the launch of Russia’s first cryptocurrency investment fund in July 2018, that came as part of the Russian central bank’s ‘regulatory sandbox’ initiatives. Bitcoin, Bitcoin Cash, Ethereum and Litecoin will form an investment portfolio of digital financial assets for the banks to experiment with.

Bitcoin News reported last week on the disappointment from experts surrounding the current content of Russia’s long-awaited cryptocurrency regulatory bills.

Artem Tolkachev, chairman of the Russian Blockchain community claimed that as it stands now, the bill leaves much room for inefficiencies, in part due to the fact that crowdfunding section and the Russian Civil Code were written by different entities, and the contents conflict with each other.

 

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