In early January, Sberbank filed with the Bank of Russia for registration of a blockchain platform with the subsequent issuance of the stablecoin Sbercoin pegged to the ruble. Interfax reports, citing the bank’s deputy chairman Anatoly Popov.
The the Law on Digital Financial Assets (DFA), which took effect on 1 January 2021, allows registered platforms to issue new asset types.
“Technologically, the bank is ready to work with such an instrument; we tested it internally and saw that this solution works,” said Popov.
The registration procedure takes 45 days. If approved, the project could be launched in spring. Initially, it will be used to issue digital promissory notes.
“We are actively negotiating with the central bank and authorities regarding the regulation and taxation of digital financial assets, and stablecoins in particular. We expect that together we can develop a mechanism that will satisfy both business and the state,” said Anatoly Popov.
Also Sberbank plans to issue a unified digital wallet, to which, among other things, bonus and loan accounts will be linked.
“For us, this is a major foundational project; it moves in parts because it is technologically complex. Every quarter we will add some functions,” Kirill Tsarev, deputy chairman of the bank’s board, said.
According to a top manager, the security level of this instrument will be at the highest level. The wallet’s full launch is planned by the end of 2021.
Earlier in November 2020, Sberbank announced plans to launch a blockchain platform for purchasing DFAs and confirmed intentions to issue its own digital currency.
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