The latest development out of Moscow is that Russia’s largest bank, Sberbank, and the Federal Antimonopoly Service (FAS) have launched a pilot program to increase the speed, reliability, and quality of exchanging documents, using blockchain technology.
Called “Digital Ecosystem for Exchanging Documents,” the project uses a blockchain for storing documents, allowing them to be transferred anywhere with an internet connection almost instantly, while electronic signatures make them cryptographically unforgeable.
Sberbank is the largest bank in Russia and all of eastern Europe by assets, and the third largest in Europe. At 175 years old, it has been both fully private and fully nationalized, but now exists with 51 percent ownership by the central bank of Russia, and the rest by private investors. With gross assets in January 2016 of 22 trillion roubles, or about $360 billion USD, Sberbank is worth just slightly less than the entire Russian Federation’s monetary reserves.
The Russian Federal Antimonopoly Service (FAS) is a central government department that exists to combat unfair business practices, and oversees antitrust law. Many industry-specific departments exist under FAS, including the Department for Control over Financial Markets and the Department for Control over Foreign Investment. Additionally, FAS regulates