Sberbank could issue a ruble-backed stablecoin for settling other digital financial assets, Kommersant reports citing remarks by Sergey Popov, head of the Transactional Business division.
“Perhaps we can issue, on the basis of the law that was enacted, a token that we can peg to the ruble — such a ruble-backed stablecoin that could become a basis, a settlement instrument for some other digital financial assets,” Popov said (cited by RIA Novosti).
Such a possibility will be provided to Sberbank by the law “On Digital Financial Assets,” which President Vladimir Putin signed last week.
The law defines a digital asset (tokens and stablecoins) as the right to a monetary claim or instrument for exercising rights in securities, however it bans the payment for goods or services in cryptocurrencies.
Read more about the law here, here and here. It will come into force on January 1, 2021.
More on industry regulation at the link.
Last year, Sberbank received a patent for a system for executing repo trades (borrowing money against collateralized securities) using distributed ledger technology.
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