Sberbank Aim To Launch Digital Stablecoin Tied To The Ruble

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Russia’s largest banking lender, Sberbank, has applied for a blockchain network for its own digital currency, Sbercoin, to be approved by the Russian Central Bank, and is expecting to launch the coin in March this year.

Earlier this month, Sberbank sent an application for the platform to the Central Bank of Russia, Sergey Popov, a director of Sberbank’s Transaction Market Division has stated. Russia has permitted the use of digital currencies from January 1 this year.

Popov said “Under the law, digital financial assets can be issued on a registered platform. The fiat coin will be one of the possible financial assets. In fact, the bank is technologically ready to issue it and work with this instrument.” stressing that an internal trial has already been conducted by the lender and concluded that “the solution” works for its clients.

According to Popov, the registration process usually takes about 45 days. There is a strong probability that the token will be released in spring if it receives no objections from the central bank.

Last year, Popov announced that the bank could issue a stablecoin tied to the ruble. “As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets,” he said. Stablecoin is the general name for cryptocurrencies that are tied to a traditional currency or physical commodities such as gold, oil or stocks and whose exchange rates are subject to less volatility than typical cryptocurrencies.

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