Cryptocurrencies

Russian bank Sberbank to launch its own token, Sbercoin – Cryptocurrencies

russian bank stablecoin sbercoin

In August 2020, Sberbank’s director of transactions indicates that the bank is considering launching its own ruble-backed stablecoin.

Things are becoming clearer, Sberbank should materialize its project in 2021 by collaborating with foreign partners.

Crypto as the middle ground of Russian and American banks

The Russian President, Vladimir Poutine, had officially signed the bill We Digital Financial Assets (DFA) in July 2020.

This law is expected to come into force in 2021 while another bill dubbed On Digital Asset (DA) would already be in preparation.

It is in this context that the largest bank in the country, Sberbank, plans to launch a blockchain trading platform and at the same time create its own token, the Sbercoin.

According to an article published on November 30, 2020 by the Russian business daily RBC, the passage of Sberbank to crypto is expected to debut in 2021.

The CEO and Chairman of Sberbank, Herman Gref, had explained that the bank would collaborate with JPMorgan Chase and other foreign partners to test this platform.

Cryptos in water

With nearly 96 million customers, Sberbank whose majority shareholder is the country’s central bank, is the most important player in the sector.

Speculation previously reported the possibility of the state bank issuing its own stablecoins.

The DFA had been criticized on many points, including the vagueness of the definition of certain key terms and the restrictions imposed on the use of cryptocurrencies, without being opposed to stablecoins guaranteed by the ruble.

Some consider that this could have to do with the fact that the central bank is seeking to digitize its currency.

Sberbank has been interested in the crypto industry for several years and had acquired 5,000 ATMs capable of mining cryptocurrency.

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The Russian government has banned its residents from using cryptocurrencies to make payments from January 1, 2021. Only ruble-backed stablecoins appear to be tolerated. Russia is currently waging a war on anonymity of 10 million wallets. Russian banks would therefore be there to serve the national currency – Vladimir Poutine will certainly invoke patriotic reasons to justify the liberticidal measures put in place, the most credulous will applaud. China, which is not yet known to be the champion in respect for individual freedoms, has a more flexible attitude towards cryptocurrencies, despite the imminent launch of its crypto-yuan.

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