The Russian state-run bank, Sberbank, has announced that it has completed its first official government level Blockchain implementation. Sberbank is working in partnership with the Federal Antimonopoly Service (FAS) to set up and implement storage and document transfer using Blockchain.

Sources in Russia say that this move is the first time that the government has been directly involved in the implementation of Blockchain technology.

 The statе secretary and deputy head of FAS, Andrey Tsarikovskiy, issued a press release concerning the wider implications of the move:

“Russia is opening up the new possibilities for our economy via the use of advanced technology. Launching the system means that we aren’t just one of the first governments to use Blockchain, it also means we are pioneering the use of this technology for practical purposes.”

Officials in the Russian government have been following the development of Blockchain for several years, and have previously expressed an interest in using the technology. In June 2017, President Vladimir Putin held talks with Vitalik Buterin, the co-founder of Ethereum. The following August, the Russian bank VEB agreed to work with the Ethereum Foundation to develop a national educational program.

However, the Russian government still places strict regulations on private citizens who wish to use cryptocurrencies.