The adoption of blockchain is the right direction for Russia to solve its current settlement issues, according to an executive at Russia’s largest bank, Sberbank.

Blockchain technology has matured over the past few years to offer new capabilities that potentially enable Russia to create more efficient payment systems, Sberbank’s first deputy chairman Alexander Vedyakhin said.

On March 14, Vedyakhin took part in the meeting of Russia’s Federation Council on the budget and financial markets committee, highlighting the promising future of blockchain in Russia, the local news agency Interfax reported.

According to Vedyakhin, the distributed ledger technology (DLT) is a great foundation for a new payment system due to its decentralized nature and privacy-enabling features.