Everyone seems to be interested in Blockchain. It might even be more popular than cryptocurrency itself. Or is that too much of a stretch? Either way, there have been a number of companies and banks announcing pivots into the blockchain sector. Now, it seems the latest to make a move into the industry is Russian state-owned development bank Vnesheconombank (VEB). 

What’s Going On?

The world is now aware that the governor of Kaliningrad, Anton Alkikhanov, and the chairman of VEB, Sergei Gorkov, had a meeting last week at the Russian Investment Forum in Sochi. At the meeting, the two leaders signed a deal to pilot a new payment system. The system will be entirely blockchain-based. 

For those who don’t know, Vnesheconombank was founded in 1922 and primarily provides funding for projects targeted at furthering the Russian economy. Therefore, it’s safe to say this new agreement was a sensible decision on the banks part. Why? Because there is no doubt in my mind that the system will help to develop the Russian economy.