Russia’s Biggest Bank Considers Launching Its Own Stablecoin

Published at: Aug. 4, 2020

Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives.

Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday.

Sberbank’s stablecoin would be compliant with the recently passed crypto law

According to the report, the potential stablecoin could be used for settlements involving other digital financial assets. Popov reportedly noted that Sberbank would be able to issue the token in accordance with the recently passed crypto law called “On Digital Financial Assets,” or DFA. 

The exec said:

“We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”

Russian President Putin recently signs crypto bill into law

The news came soon after Russia’s president, Vladimir Putin, officially signed Russia’s DFA bill into law on July 31. By signing the bill, Putin prohibited Russian residents from making payments in cryptocurrencies like Bitcoin (BTC) starting from Jan. 1, 2021. First initiated in 2018, the DFA law reportedly legalizes crypto-to-crypto exchanges, buying and selling, as well as loans in crypto.

Sberbank has apparently been waiting for the bill since 2018

Sberbank is known for its crypto-related initiatives. In May, Cointelegraph reported that Sberbank was spending more than $100 million on 5,000 blockchain-enabled ATMs that are capable of mining crypto. In November 2019, Sberbank also pioneered a blockchain solution for repurchase agreements, also known as repo.

In May 2019, Sberbank had to suspend a crypto initiative due to the negative stance on blockchain assets held by the central bank.

Tags
Related Posts
Top Russian bank Sberbank plans to launch its stablecoin by spring 2021
Sberbank, the largest state-owned bank in Russia, has reportedly filed an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin. Sergey Popov, director of the transaction business at Sberbank, announced the news on Jan. 21 at a local financial event Russian news agency Interfax reports. At “Digital transformation and prospects for regulating the digital economy,” Popov said that Sberbank applied with the central bank in early January, explaining that the registration procedure usually takes no longer than 45 days. As such, the bank may launch its platform and stablecoin by the spring this year, …
Bitcoin / Jan. 21, 2021
Russian central bank opposes ruble-pegged stablecoins
Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble. Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban private firms from offering stablecoins backed by the country’s fiat currency. Russian crypto developers will only be able to use the Bank of Russia’s digital ruble, Shvetsov said. According to a Nov. 30 report by local news agency Prime, the he said that this approach follows the “philosophy of the means of payment’s uniqueness.” Shvetsov referred to China’s digital yuan-related regulations …
Regulation / Dec. 2, 2020
Russia's Sberbank plans release of its own crypto token, the 'Sbercoin'
With a new law coming into effect in Russian, the country's largest bank is planning a new blockchain platform for trading, as well as a native token. According to a Monday report from Russian business news outlet RBC, Sberbank is planning to jump into crypto come 2021 when a new law "On Digital Financial Assets," or DFA, is set to come into effect. The news came from Herman Gref, the CEO and chairman of Sberbank. With over 96 million clients, the state-owned bank is the largest bank in Russia. There was speculation several months ago that Sberbank was looking into …
Regulation / Nov. 30, 2020
Owner of Russian bank Tinkoff acquires Swiss digital asset firm
TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets. The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday. Citing data from Aximetria, the report suggests that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Given that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%. A spokesperson for Tinkoff confirmed the news to Cointelegraph, stating that Aximetria will be …
Bitcoin / Jan. 12, 2022
Russia to seize retail deposits if sanctions go too far, official warns
In the event of harsh Western sanctions, Russians’ savings could be confiscated, according to Nikolai Arefiev, a member of the Communist Party of the Russian Federation and vice-chairman of the Duma’s committee on economic policy. The Russian government can potentially seize about 60 trillion rubles ($750 billion) worth of people’s deposits should Western nations decide to block all of Russia’s foreign funds, Arefiev said in an interview with the local news agency NEWS.ru on Monday. “If all the foreign funds are blocked, the government will have no other choice but to seize all the deposits of the population, or 60 …
Bitcoin / Feb. 24, 2022