A major Russian bank revealed an upcoming digital asset
launch, which complements another of its latest crypto-related moves.
Sberbank applied to register a platform to issue a token named
“Sbercoin.”
Bank Expects the Stablecoin Could Launch in the Spring of 2021
During an interview with 1prime,
Anatoly Popov, Sberbank’s deputy chairman, said the bank made the
correspondent filings with the Central Bank of Russia (CBR) “early in
January.”
The executive is hopeful that his bank’s application will be approved
by the CBR, following the crypto law that came into effect in Russia on
Jan. 1. Popov suggested the token would be a stablecoin pegged to the
ruble:
Under 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 a ruble, and, in fact, the bank
is technologically ready to issue and work with this instrument.
The bank already conducted internal tests with the token, Sberbank’s
deputy chairman clarified. He added that they’re seeking “great
opportunities” by adopting crypto-related technologies.
As for the expected launch date, the executive believes that Sberbank could launch the stablecoin in the spring of 2021.
But this is not the first time that Popov mentioned the possibility
of launching a ruble-pegged stablecoin. In 2020, Popov and Herman Gref,
Sberbank’s chairman, talked about the idea of launching a token that
could become a “sentiment tool” for other digital assets.
Sberbank’s Interest in the Crypto Industry
Ahead of the crypto regulation taking effect in Russia, Sberbank unveiled its initial plans related to the crypto industry.
As news.Bitcoin.com reported
in December 2020, the Russian banking heavyweight was considering
launching its stablecoin by teaming up with JPMorgan. However, during
the interview with Popov, there was no mention of JPMorgan’s involvement
in the project.
Also, Sberbank revealed it wanted to build its own “blockchain
platform, which provides services for the purchase of digital financial
assets.”
