Russia’s Sber Bank Files to Launch Stablecoin

While some are doubting digital assets, others are showing interest in them. One of the most recent is Sber, a leading retail bank in Russia, which applied for a license with Russia’s central bank to own a stable coin.

Unlike others, the Sber stable coin is for corporate clients who express interest in blockchain-based deals.

According to the Sber press office:

“This stable coin will allow companies to use smart contracts on Sber platform based on the Hyperledger Fabric blockchain. Tokenizing both material goods and fiat money on this platform will allow transactions to be fully automatic,”

However, while most are thinking Sber stable coin will be a cryptocurrency, their digital token is a tokenized form of rubbles held in the company account.

“just like money on a bank account, but running on a different tech infrastructure,” they said.

Through an interview with Interfax News Agency on Friday, Sber Deputy Chairman Anatomy Popov explained that the bank applied with Russia’s bank at the beginning of this month according to Russia’s law on digital assets that came into force Jan 1, 2021.

Popov went forward to explain that the registration process takes up to 45 days, after which the bank expects to receive either comments or a request from the central issuer.

If the application received a green light, the report says it is launching sometime this spring. However, the lack of clarity regarding the taxation of digital assets in Russia might be one of the significant challenges the acquisition will face.