One of Russia's largest banks is in discussions to join a domestic bank consortium that would study blockchain technology.
The CEO of Russian bank Sberbank has admitted to owning a "small amount of bitcoin", after an official branded a 'BitRuble' project "illegal".
SBT Venture Capital partner Mircea Mihaescu has suggested that the blockchain could replace the current banking system.
Speaking at the World Economic Forum in Davos, Sberbank CEO German Gref voiced his support for digital currencies.
The head of Russia's largest bank reportedly endorsed virtual currencies this week.