Sberbank CEO: Commercial Blockchains Just Two Years Away

The CEO of Russia's largest bank believes commercial blockchain applications are closer than many experts have projected.

AccessTimeIconFeb 17, 2017 at 1:50 p.m. UTC
Updated Sep 11, 2021 at 1:06 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The CEO of Russia's largest bank is increasingly bullish about enterprise blockchain.

In new statements today, Sberbank CEO Herman Gref said that the use of distributed ledger technology by banks and other incumbents could be just two to two-and-a-half years away.

According to a report by Russia-based business news platform Prime, Sberbank is developing its own applications of the technology within a special working group headed by members of the domestic government.

Gref went on to describe this as a huge step forward for the technology, adding:

"Maybe they are a bit optimistic, but two to two-and-a-half years is the horizon within which we can speak about the application of blockchain commercial operation."

The statements follow notable action from Sberbank, which joined a Russia-based fintech consortium in August guided by the direction of the nation's central bank.

However, Gref's personal sentiment about the technology is nothing new.

As far back as December 2013, Gref has spoken out about bitcoin and public blockchains, going so far as to suggest that the technology not only had potential, but that it shouldn't be prohibited by regulators.

To learn more about the bank's work, read our latest interview with Sberbank here.

Herman Gref image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about