Sberbank

While most Bitcoin users in Russia prefer to hide their interest in cryptocurrency, because of the unclear outlook on cryptocurrency regulation, the head of Russia’s largest bank – Sberbank – has confirmed that he has exchanged some of the Bitcoins he had into fiat money.

Tomorrow, November 10, 2016 Moscow will host annual Blockchain & Bitcoin Conference Russia. Representatives of IBM, Microsoft, Qiwi, Sberbank and two dozens of other brands will present their views on Blockchain development to more than 500 participants.

Sberbank and the Russian Federal Antimonopoly Service (FAS) have launched a pilot project of Digital Ecosystem for document transactions based on Blockchain technology.

Despite all the negative attitude towards Bitcoin and cryptocurrency, in August employees of Sberbank, the largest bank in Russia had an opportunity to buy hot drinks for Bitcoins from the coffee stand located right in the same building as the bank’s central office in Moscow.

German Gref, the President of Sberbank, the largest bank in Russia and Eastern Europe, and the third largest in Europe, spoke about the complete breakdown of the traditional banking system within just 3-5 years. He predicts giant changes in the banking industry sooner than most people expected.