Sberbank, the largest bank in Russia, has announced the launch of its in-house decentralized finance (defi) platform for developer testing. The platform, named Comunity, is based on the Ethereum blockchain and aims to integrate traditional banking services with cryptocurrency. Sberbank’s Blockchain Lab head, Alexander Nam, stated that developers can now connect their solutions to the Comunity platform to evaluate its capabilities.

The development of Sberbank’s Comunity defi platform was initially announced in February, when it was already in the closed beta testing phase. According to Konstantin Klimenko, the product director of Sberbank’s blockchain laboratory, the platform was scheduled to enter the open testing phase in March. Comunity allows customers to access banking services using Russian rubles, with the support of a regulated financial institution.

In March 2022, Sberbank obtained a license to issue digital assets and completed its first digital transaction through its subsidiary, Sberfactory, issuing a one billion ruble instrument with a three-month maturity.

During Sberbank’s blockchain conference, the increasing popularity of cryptocurrency assets in Russia was highlighted. Data presented at the event revealed that approximately 17 million Russians, around 12% of the population, possessed cryptocurrency wallets. Additionally, over 3 million Russians actively participated in cryptocurrency activities such as speculation trading and token staking, indicating the widespread adoption of cryptocurrencies in the Russian market.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, discussed the Russian legislative body’s approach to cryptocurrency regulation. Aksakov mentioned that the oversight of the cryptocurrency market is expected to be entrusted to the Federal Taxation Service, which will handle the registration of legal entities and individuals as entrepreneurs. Aksakov emphasized the importance of taxation in the cryptocurrency sector and stated that the State Duma aims to strike a balance between innovation and compliance within the forthcoming regulatory framework.

What are your thoughts on Sberbank’s decision to open its defi platform for testing? Feel free to share your opinions in the comments section below.

FAQ about defi platform testing

What is Sberbank’s defi platform?

Sberbank’s defi platform, called Comunity, is an in-house decentralized finance solution built on the Ethereum blockchain. It aims to integrate traditional banking services with cryptocurrency, allowing customers to access these services using Russian rubles and with the support of a regulated financial institution.

What is the purpose of opening the platform for testing?

The purpose of opening the platform for testing is to allow developers to evaluate the capabilities of Sberbank’s Comunity defi platform. By providing developer access, Sberbank aims to encourage the testing and integration of various solutions with the platform, fostering innovation and enhancing its functionality.

When did Sberbank announce the launch of the defi platform?

Sberbank announced the launch of its defi platform, Comunity, in February. At that time, the platform was already in the closed beta testing phase. It was scheduled to enter the open testing phase in March, allowing wider participation and feedback from developers.

What are the key features of Sberbank’s Comunity defi platform?

Sberbank’s Comunity defi platform offers the ability to link traditional banking services with cryptocurrency. It enables customers to transact using Russian rubles and benefits from the oversight and support of a regulated financial institution. The platform is based on the Ethereum blockchain, providing a secure and decentralized environment for financial activities.

How popular are cryptocurrencies in Russia?

According to data presented at Sberbank’s blockchain conference, approximately 17 million Russians, accounting for around 12% of the population, possess cryptocurrency wallets. Moreover, more than 3 million Russians actively engage in cryptocurrency activities, such as speculation trading and staking tokens, indicating a significant level of interest and adoption in the Russian market.

What is the status of cryptocurrency regulation in Russia?

The Russian legislative body is actively discussing a regulatory framework for cryptocurrency. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, mentioned that the oversight of the cryptocurrency market is expected to be assigned to the Federal Taxation Service. The focus is on striking a balance between fostering innovation and ensuring compliance within the evolving regulatory landscape.

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3 comments

BankingGeek19 June 4, 2023 - 3:23 am

Sberbank’s Comunity defi platform seems promising. Integrating traditional banking services with cryptocurrency using Russian rubles is a smart move. Exciting times for the Russian market!

Reply
RegulationExpert23 June 4, 2023 - 3:23 am

Taxing crypto is definitely a crucial issue to address. It’s great to see the Russian legislative body actively discussing a regulatory framework. Balancing innovation and compliance is the key to a successful crypto market.

Reply
CodeNinja555 June 4, 2023 - 3:23 am

Developer access to Sberbank’s Comunity platform? Count me in! Testing out its Ethereum-based defi capabilities sounds like an exciting opportunity for developers to unleash their creativity. Can’t wait to dive in and explore!

Reply

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