Russia Welcomes Crypto Payments as It Enables Ether Transactions
The overall integrity of the crypto market is pretty shaken up at the moment. As of lately, two and two don’t make four in the crypto world, and all of this is to do with the bullish cycle that has been gnawing away at the hard-earned investment of traders and crypto enthusiasts.
Stocks and Forex have never been this below in terms of their price being slashed across the board as the crypto market finds itself at present.
Despite all the negativity and soaring volatility, the adoption of the crypto market remains intact as the Russian banking giant has recently announced to make Ether-based transactions valid and compatible with the country’s entire banking infrastructure.
Ether is Now a Legal Financial Asset in Russia
Recently, the first-ever international blockchain industry meeting was held in Russia in which Sber, one of the largest banking infrastructures, announced its compatibility with Ether payments nationwide.
The bank itself has announced the development of a new financial system that is going to be completely decentralized and the first of its kind.
The infrastructure will be using Ether as a mode of payment for various actions performed over the network, such as the buying/selling of stuff, transfer of payments, investment opportunities, NFT sale and purchase, and even the development and transfer of the smart contracts.
Developers will be able to edit, develop or even shift their entire smart contract functionality to and from the Ether network onto the bank’s decentralized network and vice versa.
In another news, the banking giant Sber has announced a roaring partnership with the Metamask wallet; according to the development team of Sber, this transition is going to help customers to be able to develop and register their personal crypto tokens and also for the development of the smart contracts as well.
Another upside of this transition is that the users will be able to make all the payments in Ruble for the development of smart contracts.
According to the director of the Sberbank blockchain laboratory, this new direction that the bank has embarked on is going to prove extremely beneficial as the world itself is shifting towards Web 3.0 and decentralized protocols.
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