Russia follows suit: Sberbank announces Stablecoin

Russia follows suit: Sberbank announces Stablecoin

The Russian state bank Sberbank plans to launch its own crypto platform for the acquisition of digital assets starting next year. In addition, the financial institution intends to issue its own crypto currency, „Sbercoin“.

The Russian news agency RBC reported on Monday about the plans of Russia’s largest bank, Sberbank, referring to the chairman of the board of directors Herman Gref.

He explained that the company is taking this step in response to the forthcoming Russian law regulating the crypto-market. It wants to offer services around the acquisition of digital assets with its own Bitcoin Millionaire block chain platform.
„Sbercoin“ is scheduled to come in early 2021

In addition, the financial institution announced the launch of „Sbercoin“, its own stablecoin, which will also be launched in 2021. This step comes as little surprise. The bank has been flirting with the issue of a Stablecoin for some time.

With the establishment of „Sbercoin“, Sberbank is enabling the rapid exchange of a crypto-asset such as Bitcoin into traditional Fiat currencies like the US dollar, euro or rouble.

Interest in crypto currencies is growing in Russia

At the end of July, Russian President Vladimir Putin signed a law regulating transactions with digital assets. This will legalise the purchase and sale of crypto-currencies. However, the status of legalised means of payment is denied to the currency.

Nevertheless, the interest in crypto currencies is growing, as Russian Prime Minister Mikhail Mishustin told RBC. However, he stressed that „it is important that owners of digital assets can protect their rights and interests and that shadow transactions are made more difficult“.