Russia’s Largest State-Owned Bank, Sberbank, Announces Plans To Launch Its Digital Token

Sberbank, a state-owned Russian financial and banking institution, announces plans to launch its digital token, Sbercoin. This comes a month before the draconian crypto laws, passed by Parliament and signed into law by President Putin, go into effect in January 2021.

According to a local finance report, RBC, Sberbank is looking to launch its blockchain platform and a native token, Sbercoin, soon. The financial institution awaits January 2021 to launch its platform to allow clients to access and purchase digital assets directly.

According to Herman Gren, the CEO of Sberbank, this blockchain platform will introduce a new class of assets to its customers once the proposed laws on crypto come into effect in 2021. In mid-2019, the bank announced it had shelved its crypto project plans in wait for the government’s regulations and laws to be active – hence the development progress.

Shortly after announcing plans to build its ruble-backed stablecoin, the state-owned bank with over 96 million customers announced a $100 million contract to buy over 5000 Bitcoin ATMs, further strengthening its position in the blockchain field.

Russia’s crypto laws on Digital Financial Assets, or DFA, outlawed the use of cryptocurrency as a means of payment with an amendment proposing crypto miners to forfeit their rewards to the authorities. However, the laws allow creating stablecoins backed by the ruble, with the central bank announcing plans to launching their digital coin in the future.

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Author: Lujan Odera

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