Sberbank, a state-owned largest Russian bank, is planning to launch a new blockchain-based trading platform with native token, ‘Sbercoin’.
This was reported by Herman Gref, the CEO and chairman of Sberbank on Monday during the Investor Day. The bank is planning to svitch to crypto in 2021 when a new law “On Digital Financial Assets,” or DFA, is set to come into effect.
“It is quite possible that we will start experimenting next year with the production of our own currency, the so-called ‘Sbercoin. We are in the negotiation process with the regulator. And it all should be linked to the context that will be chosen as a strategy for the development of the digital ruble,” he said.
Few months ago, there was speculation on Sberbank’s plans to issue its own stablecoin. The DFA law bans a number of crypto activities, but it does not seem to take issue with ruble-backed stablecoins — which may have something to do with the nation’s central bank looking to digitize its currency as well.