Major Russia-based Bank Plans to Release Its Stablecoin by Spring 2021

By Chris Torres | January 27, 2021

Sberbank – Russia-based, top-tier, state-owned bank – has reportedly finalized its filing submission to release a blockchain platform, supporting its “Sbercoin” stablecoin

Specifically, details of Sberbank’s filing with the Bank of Russia was reportedly disclosed by Sergey Popov, director of the transaction business at Sberbank, during “Digital transformation and prospects for regulating the digital economy” event. 

Per Popov, the filing was completed in early January 2021, and 45 days is normally the longest time to complete the registration protocol. 

As such, the platform and stablecoin could reportedly be made available in Spring 2021. Nonetheless, Sberbank is reportedly still figuring out the taxing scheme to apply to Sbercoin. 

“There is a high probability that this project will be launched in the spring. There is one more issue that has not yet been fully resolved, which is connected to the taxation of digital financial assets. But we hope that this question will be resolved soon.”

Popov further remarked that Sberbank is reportedly prepared to “work with such a fiat currency”, regarding a tech-focused approach so far. 

“We have completed an internal testing to see that the solution works”. 

It has been previously revealed that Sberbank has reportedly been putting investment in introducing its native Sbercoin token towards the end of November 2020, following rumours, which had been surfacing for a while before that, regarding the plans. 

Sberbank’s most recent update reportedly occurred not long after Russia officially put its crypto law in effect, “On Digital Financial Assets”, starting the first day of 2021.

Tags: , ,

Related Articles