Sberbank, the largest bank in Russia, has filed an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin.
It has been reported by a local financial event Russian news agency Interfax that Sergey Popov, the Director of the Transaction Business at Sberbank, announced the news on January 21. At “Digital transformation and prospects for regulating the digital economy,” Popov said that Sberbank applied with the central bank in early January by explaining that the registration procedure usually takes no longer than 45 days.
However, the official said that the bank may launch its platform and stablecoin by the spring of this year.
Russia’s biggest bank @sberbank expects to launch its #stablecoin in about a month, according to a senior executive https://t.co/cVxhJBeGQZ — Cointelegraph (@Cointelegraph) January 21, 2021
The report said:
“There is a high probability that this project will be launched in the spring. There is one more issue that has not yet been fully resolved, which is connected to the taxation of digital financial assets. But we hope that this question will be resolved soon.”
Popov reportedly added that Sberbank is “ready to work with such a fiat currency” from a technological standpoint so far.
Thus, he further added:
“We have completed an internal testing to see that the solution works.”
Source: Cointelegraph