Sberbank, Russia’s biggest consumer bank, is preparing to launch a stablecoin. The “Sbercoin” will be equal to a fixed amount of Russian Ruble, and it will be used for digital financial asset settlements.
Russia’s latest digital currency law, which recognizes cryptocurrencies as a legitimate asset in Russia, has paved the way for Sberbank to launch their stablecoin.
The new bill gives Russian companies permission to tokenize their business and issue digital shares via the blockchain. The digital currency bill is to become effective in January 2021.
As previously reported, the Russian government has enforced new crypto regulations in the country. According to the new law, cryptocurrencies can be traded, but no goods and services in Russia are allowed to be priced in it.