### According to Konstantin Klimenko, the Product Director of the blockchain laboratory at Sberbank, decentralized finance may one day take the place of traditional financial services.

According to Konstantin Klimenko, Product Director for the blockchain laboratory at Sberbank, They are working on putting together a framework for a decentralized finance (DeFi) application and the platform is currently undergoing testing.



The team expects that it will make it possible to conduct large-scale commercial DeFi operations and aims to make it available to the public by the end of April.



Sberbank is the most significant financial institution in Russia and it is headquartered in Moscow. It was founded in 1841, and since then, it has expanded to become one of the most successful financial banks in the region. Sberbank is a global financial institution that serves more than 145 million customers across 22 countries and it is owned by the state and is ranked among the largest financial institutions in Europe.



The launch of a DeFi platform is a strategic move by Sberbank to stay ahead in the fast-evolving world of finance and technology. The bank aims to provide its customers with more innovative and accessible financial services. The financial and economic landscape is constantly changing, and the bank's decisions and actions are likely driven by a variety of factors and considerations.



Russia may also be exploring decentralized finance as a way to bypass economic sanctions. DeFi offers a decentralized and peer-to-peer financial system, which can provide more privacy and freedom for users in conducting financial transactions. Late last year, President Vladimir Putin urged the creation of a new global payment system based on digital currency and has started working with other nations such as the Middle East.



However, the capacity of DeFi to avoid economic sanctions will depend on a number of variables, including the precise sanctions in place, the degree of decentralization of the DeFi platform, and the jurisdiction in which it operates as DeFi is still a new and emerging sector.

According to Konstantin Klimenko, the Product Director of the blockchain laboratory at Sberbank, decentralized finance may one day take the place of traditional financial services.

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