May 15, 2021

Sberbank has developed a blockchain for the issue of "Sbercoin"

Sberbank has developed a blockchain for the issue of "Sbercoin"

Sberbank is ready to start issuing its own cryptocurrency "Sbercoin" in the near future, only coordinate the details with the regulator. This is reported by the Tass edition with reference to the comments of the deputy chairman of the bank's board Anatoly Popov.

A word behind the regulator

Speaking at the Discussion Club of the Higher School of Economics, Popov confirmed that the blockchain platform is already ready and is now at the stage of registration and final approvals with the regulator.

“We are working out with the regulator some of the comments that arose during the registration. And we hope that the platform will be registered in the near future. "- he explained.

As soon as the platform is registered,Sberbank will place a prospectus for the issue of its own digital financial assets (DFA) and, accordingly, will start issuing coins. At the same time, Popov stressed that Sberbank will open access to the blockchain platform for other companies that can use this platform to issue their own coins.

“As for those financial assets thatwill be placed on the site, then each time the bank, in accordance with the rules, will offer the regulator to register the so-called issue prospectus. In the course of this, it will be precisely determined which assets will be placed and will be offered to the participants. This platform can be used not only by the bank, but also by our clients - they can also use it to issue their financial assets ”- he explained.

In 2020, Sberbank launched its blockchain platform in sandbox mode and opened access to it to the bank's partners for debugging and preparation for commercial use.

Sberbank sets the tone

Sberbank applied for platform registrationfor the release of stablecoin in early January 2021. The country's largest financial institution with state participation plans to issue a token pegged to the Russian ruble, as part of the recently entered into force of the law on digital financial assets.

Formerly head of the State Duma Committee on the Financial MarketAnatoly Aksakov argued that the adoption of this law would lead to an influx of private stablecoins. In his forecasts, he referred to the fact that many large companies rushed lawmakers in order to start issuing their own digital assets as soon as possible.

Digital Financial Assets Act allowingcompanies to issue their tokens and exchange them for similar assets, was adopted by the State Duma in July 2020 and entered into force on January 1, 2021. As a reminder, CFAs can be used as a store of value, but they are not legal tender in Russia.

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Sberbank has developed a blockchain for the issue of "Sbercoin"

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