Top Russian Bank Sberbank Plans To Launch Its Stablecoin By Spring 2021

Sberbank, Russia’s largest state-owned bank, allegedly sent an application to the Bank of Russie to launch the “Sbercoin” stablecoin blockchain network. On Jan. 21, at a local financial event, the Russian news agency Interfax reports Sergey Popov, head of the Sberbank Transaction Company.

On Jan. 21, at a local financial event, the Russian news agency Interfax reports Sergey Popov, head of the Sberbank Transaction Company. Popov clarified that Sberbank used the central bank in early January, adding that the registration process normally requires no more than 45 days. Therefore, this year, by the spring, the Bank will introduce its website and stablecoin. Sberbank continues to evolve, however, how to tax Sbercoin:

Popov said that Sberbank is so technologically prepared to work with such a fiat currency.It was an internal test that we completed to make sure that the solution works,he said. Cointelegraph’s call for comment was not promptly answered by Sberbank.

As reported earlier, Sberbank broke the news in November after long-term rumours about its native Sbercoin token. The new Sberbank statement came just after Russia formally passed “On Digital Financial Assets” on 1 January 2021.

Anatoly Aksakov, a Russian State Duma member, said in late 2020 that a new crypto-law in Russia is set to grow by the US Duma Committee on Financial Markets. The Bank made its correspondent submissions to the Central Bank of Russia (CBR) before January Anatoly Popov, Sberbank’s deputy chairman, during an interview with 1prize.

It is hoped that the executive would authorise the application of his bank by the CBR, in accordance with the crypto legislation in force in Russia on January 1. The token was a stablecoin added to the ruble by Popov:

On the planned startup, Sberbank is of the opinion that in the spring of 2021 it will be possible to launch stablecoin. But this was not the first time that Popov suggested that a ruble-pested stablecoin could be released. In 2020, Popov and Sberbank’s Chief, Herman Gref, addressed the possibility of introducing the “sentiment tool” for other digital properties.

Sberbank unveiled its early proposals for the crypto-industry, in advance of the crypto-regulation in Russia. The Russian heavyweight bank considered beginning its stablecoin by partnering with JPMorgan, as stated in December 2020. However, no note was made of JPMorgan’s participation in the project during the interview with Popov.

Sberbank also showed that it planned to create its own blockchain platform that offers digital financial asset purchase services.