The one million rubles ($17,000) transaction was done by a mobile phone operator MegafonGetty Images
Two of Russia’s biggest banks, Sberbank and Alpha-Bank, have made the country’s first transaction using blockchain technology. According to a Sberbank representative, it was carried out in a closed private network and only “certain participants” had access to it.
The servers and network center used for the landmark payment were installed by Sberbank, and the status of the payment was monitored online. The one million rubles ($17,000) transaction was done by Megafon, a mobile phone operator, who paid a subsidiary.
Both banks say the money went through “instantaneously”. Usually, it takes 30 hours.
If using any of Russia Beyond's content, partly or in full, always provide an active hyperlink to the original material.
to our newsletter!
Get the week's best stories straight to your inbox