Russian financial powerhouse Sberbank is intensifying its focus on the integration of blockchain technology and artificial intelligence (AI), as stated by one of its senior officials. The bank”s leadership believes that the convergence of these two technologies will be pivotal in navigating the competitive landscape shaped by decentralized finance.
As the largest bank in Russia by assets, Sberbank is actively advancing its blockchain initiatives, viewing them as essential to the future of financial markets. Alexander Vedyakhin, the first deputy chairman of its management board, shared insights during a recent television interview, emphasizing the transformative potential of combining AI with blockchain capabilities. “Imagine a situation where AI makes a decision to purchase an asset while simultaneously managing the sale of another through blockchain technologies, smart contracts, and their execution,” Vedyakhin stated.
Vedyakhin also predicts the emergence of decentralized autonomous organizations (DAOs) in the Russian market soon, suggesting that these entities will operate independently in the business ecosystem. He underscored the necessity of this dual focus on AI and blockchain, stating that it represents the foundation of the new economy.
Furthermore, Sberbank distinguishes between blockchain technology and cryptocurrency, urging caution regarding the latter due to prevalent cybercrime risks. According to Vedyakhin, private blockchains offer enhanced security by functioning within corporate environments and among trusted partners.
Historically, Sberbank has been a significant player in the financial sector, once dominating not only in Russia but also throughout Central and Eastern Europe. However, after facing Western sanctions following the conflict in Ukraine, the bank has shifted its strategy. Since rebranding as Sber in 2020, it has committed substantial resources to digital services, emerging as a leader in Russia”s digital finance landscape.
In recent developments, Sberbank was among the first to offer crypto derivatives in the Russian market after the Central Bank of Russia permitted such products for qualified investors. In September, the bank announced the launch of a perpetual digital financial asset (DFA) aligned with Russian legislation, referencing major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
October reports indicated a robust demand for these instruments, as Sberbank raised 1.3 billion rubles (approximately $16 million) from the sale of bonds and DFAs linked to BTC and ETH indices, as well as DFAs based on several other tokens including SOL, TRX, AVAX, and BNB.
While Russia has yet to establish comprehensive regulations for crypto investments, the current legal framework, known as the “On Digital Financial Assets,” does not encompass decentralized currencies like Bitcoin. At present, such investments can only occur within a limited “experimental legal regime.” The Bank of Russia has projected that a dedicated law could be introduced in the parliament by 2026, potentially legalizing crypto asset investments outside this restricted regime, albeit likely limited to “highly qualified” investors.
