The Russian bank Sberbank plans to issue its own stable cryptocurrency. The project is called Sbercoin and may start in spring, after receiving the appropriate permits from the financial market regulator.
The largest state-owned bank in Russia applied to the central bank in January for a permit to issue its own stable cryptocurrency (the so-called stablecoin). According to the Interfax agency, citing the statement of the director of the transaction banking division of Sberbank, registration should take approx. 45 days. This would mean that a token based on a distributed transaction register could appear on the market in spring.
The Russian Federation has a legal act governing the area of ??digital assets in force since the beginning of January. Sberbank's plans were first announced last year. The institution is technically ready for implementation - internal tests of the technology platform have been successfully conducted.
As Russia Today points out, the bank still has to resolve several legal issues related to digital currency. They concern, among others taxation. The details of the use of the tokens are not known yet. One possibility is to use them as an electronic equivalent of a promissory note and thus replace paper documents. Sbercoin is to be rigidly linked to the Russian ruble.
