Sberbank, Russia's largest bank, is pushing ahead with its plan to launch its decentralized financial industry (DEFI) platform, which it plans to use in many months' time.

According to a report by the local news agency Interfax on February 3, Konstantin Klimenko, product director of Sberbank blockchain Lab, announced that Sberbank is expected to run the announced use of its Defi platform by May 2023.

Klimenko said that Sberbank's upcoming Defi platform is currently in the process of testing a personal public beta and will be fully open to the public by the end of April, allowing users to buy and sell the first batch of commercial services.

The executive stressed that the blockchain technology platform would be adapted to ethernet blockchain technology, allowing customers to use important wallets such as MetaMask to move his property. Klimenko also mentioned that users will be able to migrate their property from other platforms.

The blockchain technology executive shows that the Defi platform of the Federal savings Bank of Russia is committed to becoming the main Defi ecosystem in Russia. He also said he was confident that the Defi system could replace the traditional banking sales market.

This statement is consistent with the plan previously announced by the Russian Federal savings Bank to open the use of Defi in the bank's infrastructure. In November 2022, Sberbank unveiled a series of features of its unique blockchain technology platform, including compatibility models with intelligent contracts and programs in Ethernet networks.

At this stage, it seems unclear how the upcoming platform should be regulated, as Russia has not come up with a digital currency regulation plan. According to Anatoly Aksayakov, chairman of the Russian State Duma Financial system Committee, Russia will "no doubt" choose login password policies and regulations in 2023.

As previously reported, the Sberbank of the Russian Federation has been unable to launch some special tools for blockchain technology in recent years because of several delays in the application of registration by the Russian Central Bank. The Russian Federal savings Bank initially expected to launch its digital currency offering platform in 2021 and finally won the approval of the Bank of Russia in the spring of 2022. The Russian government is a major shareholder of the Sberbank of the Russian Federation, with a 50% stake.

On February 2, one of Russia's largest private firms, Elfa financial institutions, became the fourth financial company in the country to approve the sale of digital currency, in addition to the Russian Federal savings Bank, the atomization of government-supported abstract platforms and the beacon of financial management companies.