Russia’s largest state-owned bank, Sberbank, may launch a digital asset trading platform and its digital currency.
German Gref, the CEO of Sberbank stated that the bank would consider launching Sbercoin.
Sberbank collaborates with JPMorgan on the crypto “experiment.” JPMorgan had launched its coin, named “JPM Coin.” It is used for the first time in October to help “large tech client” send money. At the same time, JPMorgan set up a company named Onyx to handle the coin.
Following the introduction of a new law, the move is announced in July and will launch on January 1. It will make permissible cryptocurrency trading but will forbid Russians from using cryptocurrencies as a means of payment.
Gref commented: “From January 1, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.”
The director of Sberbank’s Transactional Business Division, Sergei Popov, said last August that the bank might issue a stable coin pegged to the Russian ruble to settle institutional transactions.
Olga Skorobogatova, the First Deputy Governor of Russia’s central bank, stated in a webinar that she opposed private companies that build digital rubles.
But the Russian central bank considers making its digital ruble. Elvira Nabiullina, the head of Russia’s central bank, stated that a pilot version of a digital ruble could be ready by the end of 2021.
It will “make payments faster, simpler, and safer,” the Bank of Russia said in a report.
Nabiullina said, “It is quite real.”
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