Russian’s Sberbank plans to launch blockchain stablecoin platform this year

Spread the love

Sberbank has applied with the Central Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin.

Sberbank, the largest state-owned bank in Russia, has reportedly filed an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin.

Sergey Popov, director of the transaction business at Sberbank, announced the news on Jan. 21 at a local financial event Russian news agency Interfax reports.

At “Digital transformation and prospects for regulating the digital economy,” Popov said that Sberbank applied with the central bank in early January, explaining that the registration procedure usually takes no longer than 45 days. As such, the bank may launch its platform and stablecoin by the spring this year, the official said. However, Sberbank is still working out how to tax Sbercoin:

“There is a high probability that this project will be launched in the spring. There is one more issue that has not yet been fully resolved, which is connected to the taxation of digital financial assets. But we hope that this question will be resolved soon.”

Popov reportedly added that Sberbank is “ready to work with such a fiat currency” from a technological standpoint so far. “We have completed an internal testing to see that the solution works,” he said.

RECOMMENDED READ:  Synthetix agrees to add an asset offering blockchain links to Tesla Shares

Sberbank did not immediately respond to Cointelegraph’s request for comment.

As previously reported, Sberbank broke the news on developing its native Sbercoin token at the end of November, following long-running speculation about these plans. Sberbank’s latest announcement comes shortly after Russia officially adopted its crypto law “On Digital Financial Assets” on Jan. 1, 2021.

In late 2020, Anatoly Aksakov, a member of the Russian State Duma, said that the Duma’s Committee on Financial Markets expects Russian crypto issuance to surge after the adoption of the country’s new crypto law.


 505 Interactions,  6 today

Russia’s State, Duma drafts crypto taxing bill

The Russian State Duma will discuss a new cryptocurrency tax bill on Feb. 17. Russian lawmakers are currently drafting new Read more

CBR said to stop the tide of rubles leaving bank accounts.

With the proclaimed goal of reducing the risk, the steps are aimed at cutting new investors off the opportunities to Read more

Russian Parliament Foresees a Wave of Token Issuance for 2021 in the Wake of Crypto Law Promulgation

The head of the Russian parliamentary committee on financial markets and the country’s first crypto law’s author is forecasting a Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us