According to key directors of Sberbank, a state-owned enterprise and Russia’s largest bank is considering issuing its own token.
The local Kommersant news agency, Sergei Popov, director of transactions at Sberbank, said on Tuesday that the Russian banking giant is considering creating its own stablecoin that could be linked to the Russian ruble 1: 1.
Sberbank’s Stablecoin would be compliant with the recently passed law
According to the report, a potential stabilcoin could be used for settlements involving other digital financial assets. Popov stressed that Sberbank will be able to issue a token in accordance with the recently adopted cryptographic law “On Digital Financial Assets”, or DFA.
“We can probably issue stablecoin under a law that was recently passed. Since we can tie this stablecoin to the ruble, this token can become the basis or the settlement instrument for other digital financial assets. “
The Russian president recently signed a new law
The news came shortly after Russian President Vladimir Putin officially signed the DFA law on July 31. After signing the new project, from January 1, 2021, residents of Russia will not be able to make payments in cryptocurrencies such as Bitcoin (BTC). Initiated for the first time in 2018, the DFA act legalizes exchanges, buying and selling, as well as cryptocurrency loans.
Sberbank is known for its cryptocurrency initiatives. In May, we learned that Sberbank had spent over $ 100 million on 5,000 blockchain ATMs that are capable of mining cryptocurrencies.
The DFA is not the end of regulations in Russia
The DFA is not the only cryptocurrency project in the Russian parliament. There is also a bill called “On Digital Currency”. It is a separate document that will regulate the regulations related to cryptocurrencies in detail, while the DFA contains only basic decisions in this matter.
The State Duma is to pass the draft law “On Digital Currency” during the autumn session, which ends at the end of December.
Russia has been delaying cryptocurrency legislative progress since 2018, despite the fact that Russia’s President Vladimir Putin ordered its adoption at least twice. The delays were allegedly due to disagreements over the new asset type between local authorities.