March 8, 2021

Sberbank of Russia plans to issue Sbercoin cryptocurrency

Sberbank, the largest bank in Russia, may start experimenting with issuing its own digital currency, This will be called Sbercoin.

Gref referred to the adopted by the State Duma and signedPresident of Russia Vladimir Putin, the law "On digital financial assets". It should come into force in January 2021. The new law will make it possible to issue your digital assets and exchange them for other similar ones. It will be possible to organize the issue, purchase and sale and accounting of digital assets only within the framework of special information systems that must comply with Russian legislation and be included in the corresponding register of the Bank of Russia.

"We see that derivatives from the Digital Financial Assets Act, which will enter thein action from January 1, actually allowed to issue, so-called staples.We have, let's say, all the work on this topic, and it is possible that we will start experimenting next year with the production of our currency, the so-called "sbercoins", but, of course, we are very careful about what makesThe central bank is in a negotiation process with the regulator, and this should all be, of course, very much linked to the context that will bechosen as a strategy for the development of the digital ruble," Gref said.

"I think that next year in this part we will see a large number of experiments, innovations and attempts to implement this new technology.We will, I hope, be one of the first, we have been working on the technology all these months and years, so as soon as it becomesIt is possible that we will enter the market with a package of services from January 1," the head of Sberbank said.