Ethereum Alliance Gets Another Member in Russia’s Largest Bank

Russia’s largest bank has joined the Enterprise Ethereum Alliance (EEA), the world’s largest cryptocurrency consortium, CCN has reported.

Sberbank Joins EEA

Sberbank has officially announced its participation in the Enterprise Ethereum Alliance (EEA), a working group for the open-source blockchain Ethereum. With Russia’s largest bank by assets at the helm, EEA currently has over 150 members.

The EEA is a venue for enterprises, startups, academics and technology vendors to explore commercial use cases for the Ethereum blockchain. It boasts some of the world’s largest banks and technology providers. Its membership includes Accenture, CME Group, Credit Suisse, Intel, J.P. Morgan, Microsoft and UBS.

Sberbank first announced its intent to explore blockchain as early as 2015. After attempting to join the R3 blockchain consortium in New York, Sberbank set its sights on the EEA.

Igor Bulantsev, Sberbank’s Senior Vice President, issued the following statement:

Our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform. The Alliance is actively developing and I hope that the bank’s expertise will be of use to all of its members. In addition, the bank will be able to influence the enhancement of the platform and its growth in the corporate sector. I hope that our union will further strengthen our relationship with the Ethereum Foundation and serve as a significant step towards developing blockchain technology in Russia.

Russian authorities are placing blockchain under their purview by announcing plans for a CryptoRuble, according to the TASS news agency. Under the proposed protocol, users will not be allowed to mine digital currency, a process that will be maintained by the central government. Digital currency holders will he allowed to exchange their digital assets for Russian rubles any time.

The Russian government had earlier announced plans to ban online cryptocurrency exchanges. Latest reports suggest regulation is the more viable option, as it would allow Russia the opportunity to leverage digital assets in pursuit of a more diversified economy.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi