A major Russian bank announced an upcoming digital asset rollout, complimenting another of its recent crypto-related moves. Sberbank applied for the registration of a platform to issue a token called “Sbercoin”.
The bank expects the stablecoin could hit the market in spring 2021
During an interview with 1primeAnatoly Popov, vice chairman of Sberbank, said the bank filed the correspondence with the Russian Central Bank (CBR) “in early January”.
The board hopes that his bank’s application will be approved by the CBR under the crypto law that came into effect in Russia on January 1. Popov suggested that the token would be a stable coin tied to the ruble:
According to the law, digital financial assets can be issued on a registered platform, and among other things, one of the possible financial assets will be a fiat coin for one ruble, and in fact, the bank is technologically ready to issue it and work with this instrument.
The bank was already conducting internal tests with the token, the deputy chairman of Sberbank clarified. He added that they are looking for “big opportunities” using crypto-related technologies.
Regarding the expected start date, the executive assumes that Sberbank could bring the stablecoin to the market in spring 2021.
However, this is not the first time Popov has mentioned the possibility of launching a ruble-peg stable coin. In 2020, Popov and Herman Gref, chairman of Sberbank, spoke about the idea of launching a token that could become a “mood instrument” for other digital assets.
Sberbank’s interest in the crypto industry
Before the crypto regulation came into effect in Russia, Sberbank presented its first plans for the crypto industry.
As news.Bitcoin.com reported in December 2020, the Russian banking heavyweight was considering launching its stablecoin in partnership with JPMorgan. However, during the interview with Popov, no mention was made that JPMorgan was involved in the project.
Sberbank also announced that it wanted to build its own “blockchain platform that offers services for buying digital financial assets”.
What do you think of this upcoming Russian stablecoin? Let us know in the comments below.
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