Russia's largest bank will create its own stablecoin

By
Tokeneo
-
1 min reading

Russia's largest bank, Sberbank, is preparing to launch its own stablecoin. Sbercoin will be 1:1 against the Russian rouble and will be used for digital settlement of financial assets.

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The new Russian law will allow to create a stablecoin

Igor Kuzmichev, Commercial Director of Waves Enterprise, said that Sberbank specialists have been working on the technical and legal possibility of issuing Sbercoin as a settlement tool for a long time.

"Therefore, the adoption of the CFA Act will undoubtedly become an incentive that will significantly increase the intensity of work in this area".

- he added.

Russia's newest law on digital currencies, which recognises cryptocurrencies in Russia as a legal asset, has opened the way for Sberbank to issue its own stablecoin. In addition to recognizing the digital currency as a legal asset and prohibiting payment by cryptocurrencies for any goods and services, the new law allows Russian companies to tokenize their operations and issue digital shares through blockchain technology.

So far, it is not known when Sberbank will issue its token, but the new Russian law on digital currencies is expected to come into force in January 2021.

New law on digital assets

Earlier the Russian government has introduced new cryptocurrencies regulations in the country. According to the new law, digital currencies can be traded, but they cannot be used to purchase goods and services. If someone wants to buy something for Bitcoin, they must first exchange BTC for a ruble.

Mati Greenspan, founder of Quantum Economics, said that these are not the best regulations the community has seen so far, but also not the worst.

"Anyway, it's great that we're finally becoming more and more aware of crypto laws around the world."