Russia’s largest bank Sberbank is reportedly preparing to launch a stablecoin. The “Sbercoin” will be equal to a fixed amount of Russian Ruble, and it will be used for digital financial asset settlements. Igor Kuzmichev, commercial director of blockchain developer 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, undoubtedly, the adoption of the law on CFA will become a trigger that will significantly increase the intensity of work in this area,” he added.
New crypto law enables the bank to issue its stablecoin.
Russia’s latest digital currency law, which recognizes cryptocurrencies as a legitimate asset in Russia, has paved the way for Sberbank to launch their stablecoin. Beyond recognizing digital currency as a legitimate asset, and prohibiting Russian citizens from paying for any goods and services with digital currency, the bill gives Russian companies permission to tokenize their business and issue digital shares via the blockchain. It is not known as to when Sberbank is looking to issue their token, but the Russian digital currency bill is to become effective in January 2021.
Russian President Vladimir Putin signs in new crypto law.
As reported earlier, the Russian government has enforced new crypto regulations in the country. According to the new law, cryptocurrencies can be traded, but no goods and services in Russia are allowed to be priced in it. If someone wants to buy something with Bitcoin, then he has to sell it for rubles first. Mati Greenspan, the founder at Quantum Economics, said that these are not the warmest crypto regulations that the crypto community has seen to date, but also not the coldest. He added, “In any case, it’s great that we’re finally getting more clarity regarding crypto laws around the world.”