Sberbank wants to register its own stablecoin

Sberbank wants to register its own stablecoin

Sberbank announced the timing of the release of its own stablecoin

Contents

Sberbank wants to register its own stablecoin
CONTENT

  • "Sberbank" announced its readiness to issue a stablecoin

  • Sbercoin can compete with the digital ruble

  • Banks supported the initiative to issue digital currency of the Central Bank

Sberbank wants to register its own stablecoin

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The largest Russian bank “Sberbank” has applied for the registration of its own stablecoin with the Central Bank of the Russian Federation, which will be backed by the Russian ruble.

The first stablecoin backed by the ruble may appear in Russia

The largest Russian bank Sberbank is ready to issue its own stablecoins. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More “savings” backed by the Russian ruble. The employees of the organization submitted the corresponding application to the Central Bank of the Russian Federation. This is reported by Izvestia with reference to Anatoly Popov, Deputy Chairman of the Board of Sberbank.

“On January 1, the law on digital financial assets came into force in Russia. Sberbank, in accordance with the established procedure, submitted an application to the Bank of Russia for registration of our platform in early January, in the first working days last week. Accordingly, we hope that our application will be approved “, – said Popov.

Sberbank wants to register its own stablecoin

Digital assets backed by fiat money are allowed to be issued on registered platforms that fully comply with the legislative requirements of the Russian Federation. A similar platform was developed and tested within Sberbank and has shown high efficiency and user-friendliness.

If the Central Bank approves the application, then the “savings” may appear on the Russian market this spring. Recall that Sberbank announced its plans to issue stablecoin back in August 2020.

According to Popov, the financial institution may let the token in. As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More and bind it to the ruble on the basis of the adopted law. Such a stablecoin can become a tool for settlements for other digital financial assets.

Will the savings coin compete with the digital ruble

It is surprising that Sberbank decided to issue a stablecoin at a time when the Central Bank is working on creation of the digital ruble. The chief banking regulator has already held several meetings with bankers and received feedback from financial institutions on the launch of a central bank digital currency (CBDC) Notes and coins may be a thing of the past due to a new financial instrument, central bank digital currency (CBDC). … More). Bankers are confident that the creation of a digital ruble is inevitable and necessary. They sent their proposals for CBDC to the Central Bank.

The digital ruble can fully solve the problem of transparency of financing within the framework of estimates, including construction (avoiding the so-called “boiler” financing), state orders and state defense orders, as well as in the field of PPP, “the document explains.

It is likely that the savings will be issued earlier than the digital ruble, which means it will be able to receive user support. In addition, representatives of the financial market are skeptical about the digital currency of the Central Bank. The editorial staff of BeInCrypto previously reported that domestic financial institutions criticized the Central Bank’s initiative in the form in which it is presented now.

Sberbank wants to register its own stablecoin

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