Sberbank blockchain platform is ready for use and may be launched as early as this year
Sberbank is ready to start issuing its own cryptocurrency in the near future, the only thing left is to agree on the details with the regulator. This is reported by the publication Tass, citing comments from the deputy chairman of the bank Anatoly Popov.
The regulator has the floor
Speaking at the Discussion Club of the Higher School of Economics, Popov confirmed that the blockchain platform is already ready and is now at the stage of registration and final approvals with the regulator.
“We are working out with the regulator some of the comments that arose during registration. And we hope that the platform will be registered soon,” he explained.
As soon as the platform passes registration, Sberbank will place a prospectus to issue its own digital financial assets (DFAs) and, accordingly, will start issuing coins. At the same time, Popov stressed that Sber will open access to the blockchain platform for other companies that will be able to use the platform to issue their own coins.
“As for those financial assets that will be placed on the platform, each time the bank will propose to the regulator to register the so-called prospectus in accordance with the rules. During this, it will just determine what assets will be placed and will be offered to participants. This platform may be used not only by the bank, but also by our clients, they may also use it to issue their financial assets,” he explained.
In 2020 Sberbank launched its blockchain platform in a sandbox mode and opened it to the bank’s partners for debugging and preparation for commercial use.
Sberbank sets the tone
Sberbank has applied for registration of a platform to issue Stablecoin in early January 2021. The BeInCrypto editorial board previously reported that the country’s largest state-owned financial institution is planning to issue a token pegged to the Russian ruble as part of the recently enacted Digital Financial Assets Act.
Earlier, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, argued that the adoption of this law would lead to an influx of private stabelcoins. In his predictions, he referred to the fact that many large companies were rushing lawmakers to start issuing their own digital assets as soon as possible.
The Digital Financial Assets Act, which allows companies to issue their own tokens and exchange them for similar assets, was passed by the State Duma in July 2020 and took effect Jan. 1, 2021. Recall that CFAs can be used as a means of savings, but they are not legal tender in Russia.