Russia follows suit: Sberbank announces stablecoin

The Russian state bank Sberbank plans to launch its own crypto platform for the acquisition of digital assets from next year. In addition, the financial institution would like to issue its own crypto currency, the „Sbercoin“.

The Russian news agency RBC reported on Monday on the plans of Russia’s largest bank, Sberbank, referring to CEO Herman Gref.

He said the company is responding to the upcoming Russian law regulating the Bitcoin Bank with this move . They want to offer services related to the acquisition of digital assets with their own blockchain platform.

„Sbercoin“ should come in early 2021

In addition, the financial institution announced its own stablecoin, the „Sbercoin“, which will also be launched in 2021. This step comes as no surprise. The bank had been toying with the issue of a stablecoin for a long time.

With the establishment of the „Sbercoin“, Sberbank enables the quick exchange of a crypto asset, for example Bitcoin, for traditional fiat currencies such as US dollars, euros or rubles.

Interest in cryptocurrencies is growing in Russia

In late July, Russian President Vladimir Putin signed a law regulating transactions in digital assets. This legalizes the buying and selling of cryptocurrencies. The currency remains denied the status of legalized means of payment.

Nevertheless, interest in cryptocurrencies is growing, as Russia’s Prime Minister Mikhail Mishustin told RBC. However, he emphasized: „It is important that owners of digital assets can protect their rights and interests and that shadow business is made more difficult.“