Sberbank, the largest bank in Russia and Eastern Europe, has confirmed plans to launch its own native token when the new digital asset law DFA comes into effect next year.
Recently, Russia's largest and most important bank, Sberbank, confirmed its plans to launch its own digital token called Sbercoins, which will be pegged to the Russian ruble once the new law on digital assets signed in August by the nation's president and approved by the Russian State Duma comes into effect.
The law on digital assets, known as DFA, does not allow the use of the cryptocurrencies, as a means of payment, but it does provide the crypto ecosystem with a clear and sustained legal basis for its development and growth within the country. Thus, Sberbank will be able to issue its own native token that can be used in settlements of digital financial assets (CFA) under compliance with this law.
The DFA law, which has been in preparation since 2018 and will come into effect on January 1, 2021, seeks to regulate the growing market for cryptocurrencies and digital assets in the nation. This bill provides a clear definition of cryptocurrencies and legalizes trading and investment activities with crypto assets; although, as already mentioned, it does not allow the use of cryptocurrencies as Bitcoins as a means of payment and exchange of value.
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Blockchain for trading digital financial assets
Moreover, the note A press release published by Russian news outlet RBC reveals that Sberbank is also planning to launch a digital platform based on technology blockchain, which will allow it to trade digital financial assets. Thus, the bank will be entering the digital finance industry, both as an issuer of assets and as an entity that provides financial services within this industry.
In early August, the director of corporate transactions at Sberbank, Sergey Popov, said that the entity may issue a stablecoin based on the law on digital assets passed at that time, the entity could link its token to the ruble, the legal currency in the country, to become a basis or instrument for entering into agreements and conventions involving other digital financial assets.
Changes to the Russian Tax Code
Likewise, the Prime Minister of Russia, Mikhail Mishustin, recently stated that society’s interest in cryptocurrencies is growing steadily, so the country’s government is considering the need to direct the development of the industry “in a civilized manner.” This is in order to ensure that users and owners of cryptocurrencies and digital assets can protect their rights and interests, while ensuring the responsible and transparent use of these types of assets.
According to Mishustin, a number of changes are planned to be made to the Tax Code, as well as to consolidate the recognition of digital financial assets as property, so that users and owners of cryptocurrencies can have legal protection from the state if they are involved in fraud, scams or any case of illegal action involving digital assets.
On the other hand, the first deputy governor of the Central Bank of Russia, Olga Skorobogatova, held a meeting with the country's major commercial banks, where the pros and cons of issuing a digital currency were discussed CBDC for the ruble. And according to the note, Skorobogatova stressed that the Central Bank of the country is against the issue of stablecoins for the Russian ruble.
Blockchain technology implementations
Sberbank has partnered with several companies in the country to digitize and automate services and develop pilot tests for the creation of new platforms. One of the most recent cases is its alliance with the airline S7 Airlines from Russia, for the automation of travel agency payments using a blockchain-based platform. Also, in 2018, Sberbank participated in the purchase of one of the first bonds issued on a blockchain, and invested more than 100 million dollars in the purchase of 5.000 ATMs blockchain-based, which have the ability to mine cryptocurrencies.
Finally, another of the Russian banking entities that is joining the digital industry is gazprombank, which recently announced the launch of new financial services with Bitcoin for its clients and users.
Continue reading: Bitcoin arrives at one of the largest banking entities in Russia
