Russia’s State-Owned Bank, Sberbank, Files Papers to Launch Blockchain Platform for Stablecoin

Russia’s State-Owned Bank, Sberbank, Files Papers to Launch Blockchain Platform for Stablecoin

  • Russian state-owned bank, Sberbank, submits blockchain applications to the central bank.
  • The registration procedure is set to take up to 45 days; the project to be launched in spring.

According to local reports, Russia’s largest state-owned bank filed an application to the Central Bank of the Russian Federation seeking approval for its blockchain underlying its stablecoin, Sbercoin. Speaking during the ‘Digital Transformation and Prospects for Regulating the Digital Economy’ seminar, Anatoly Popov, deputy chairman of the board of Sberbank, confirmed the bank “applied with the Bank of Russia to register its blockchain platform in early January.”

Sberbank’s blockchain will host the reported Sbercoin, which was previously reported to launch in 2021. Popov further said, “the bank is ready to work with such a fiat currency,” having tested the project internally and seeing that the solution works.

According to law, the registration process is set to take about 45 days, with the Central Bank either approving the application or sending comments to the Sberbank team. If approved, the Sberbank blockchain will launch in spring, Popov confirmed. However, the bank is still working around how to tax the digital assets on the blockchain.

“There is a high probability that this project will be launched in the spring,” a spokesperson at the bank said. “There is one more issue that has not yet been fully resolved – the issue of taxation of digital financial assets, but we hope that it will become clearer.”

In December, the state-owned bank announced its plans to launch Sbercoin, only a month before Russia implements its draconian crypto laws.

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Author: Lujan Odera

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