A management of the Sberbank of the Russian Federation, a larger financial institution in Russia, indicated that the selection of blockchain is the way forward for Russia to deal with liquidation at this stage.

Alexander Vidiakin, first deputy boss of the Federal savings Bank of Russia, shows that blockchain technology has been relatively mature in recent years and can provide a new level to enable Russia to establish a more efficient payment platform.

According to the local news agency Interfax, Vedyakhin participated in the meeting of the Committee on Capital Budget and Financial system of the Russian Federation on March 14, showing the bright future of blockchain in Russia.

According to Vedyakhin, distributed ledger technology (DLT) is a great foundation of the payment platform because of its decentralized nature and privacy. He said:

Because this is distributed bookkeeping, there is no point management decision, there is no core, and there is no power switch that can be cancelled; everyone has a record of everything, and there is a unique agreement that gives you the opportunity to do these things in secret.

Vedyakhin added that Sberbank of the Russian Federation is now actively promoting the implementation of blockchain technology for purchase. "We are confident that Sberbank and colleagues around the central bank will look for this solution," he noted, expressing confidence that the blockchain will become more and more relevant in 2023. The management of the savings Bank of the Russian Federation made it clear:

"the next generation of payment platforms will take advantage of blockchains."

Vedyakhin also mentioned in his speech that blockchain technology has flourished in recent years, and developers are trying to find plans to solve problems, such as limited resource scalability and limited resource privacy. So far, the blockchain problem has been solved in time, he added.

Marcos Magon, CEO of the new community account book project Fuse Network without permission, shows that there is no technical reason to prevent Russia from building its own software based on blockchain.

"because of the latest trends in scalability and privacy technology, especially in systems adapted to EVM [Ethernet VMs], this has become the norm for experiments, and popular companies and their customers are going to use this technology heavily," Simamon said in a statement to Cointelegraph.

He stressed that it is only a matter of time before the complete online real-time technology for cross-border payment platforms is settled, and the technology has obviously improved in recent years. In addition, Smagon questioned whether the blockchain would allow economic powers to circumvent international sanctions, saying:

To be clear means when the technology will be widely adopted and whether others will allow customers to circumvent international sanctions. Blockchain makes it clearer, and disintermediation is not just a solution to illegal activities.

The news came at a time when the Sberbank of the Russian Federation had agreed that it intended to use it by May 2023 under the decentralized financial services platform of Ethernet Square. Russia's largest bank has also been developing an international settlement platform as an alternative to SWIFT. According to the Russian Federal savings Bank CEO Dayu Graves, the company plans to finalize the equipment by 2023.