With Russia looking to cure its economy of a hydrocarbon addiction, a consortium of the country’s biggest banks is proposing that it explores a different kind of gas for the answer.
The lenders, including Sberbank PJSC and VTB Group, aren’t developing gas of the natural variety. It’s also the name of a virtual unit based on the blockchain of ethereum, the world’s biggest cryptocurrency after bitcoin. The banks are hoping that by adopting the technology they will make payments safer and faster, while thrusting Russia to the forefront of a trend that’s transforming the financial industry.
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