The state-owned largest bank of its kind in the country is reportedly nearing the rollout of the technology, which will provide access to digital currencies and digital assets through the blockchain system. The Russian banking giant Sberbank is preparing to launch a platform that will give users access to a range of digital assets. According to local reports, the decision to launch the platform could be related to developments around cryptocurrency laws in Russia, with new legislation governing digital securities winning lawmakers’ approval in recent weeks.
The new law provides clear regulations around cryptocurrency.
The new law, which comes into force in January 2021, provides a system of regulation for cryptocurrencies and points out essential clarity to those operating, issuing, and otherwise trading in digital securities and currencies. Notably, the new legislation also prohibits the use of digital currencies as a form of payment in Russia. Russian President Vladimir Putin approved the law that would effectively ban the use of digital currency for payment across Russia’s 144 million people. The news from Sberbank coincides with suggestions the bank is already exploring digital currencies, including Sbercoin, a stablecoin pegged to the value of the ruble.
The central bank of Russia discusses digital ruble with banks.
The central bank of Russia recently met with some of the country’s commercial banks to discuss the proposed digital ruble. The discussions centered on the regulator’s role in digital ruble issuance, whether it would replace or supplement paper cash, and the need to protect banks against an outflow of liquidity. Olga Skorobogatova, the central bank’s deputy chair, met with the country’s top banks’ representatives to discuss the digital ruble. Central banks across countries are actively working on digital currencies.