Major Russian Bank Sberbank Files Application to Launch Its Own Stablecoin — Possibly Pegged to the Fiat Ruble

Russian Major Bank Sberbank Files Application to Launch Its Own Stablecoin — Possibly Pegged to the Fiat Ruble

A major Russian bank revealed an upcoming digital asset launch, which complements another of its latest crypto-related moves. Sberbank applied to register a platform to issue a token named “Sbercoin.”

Bank Expects the Stablecoin Could Launch in the Spring of 2021

During an interview with 1prime, Anatoly Popov, Sberbank’s deputy chairman, said the bank made the correspondent filings with the Central Bank of Russia (CBR) “early in January.”

The executive is hopeful that his bank’s application will be approved by the CBR, following the crypto law that came into effect in Russia on Jan. 1. Popov suggested the token would be a stablecoin pegged to the ruble:

Under the law, digital financial assets can be issued on a registered platform, and among other things, one of the possible financial assets will be a fiat coin for a ruble, and, in fact, the bank is technologically ready to issue and work with this instrument.

The bank already conducted internal tests with the token, Sberbank’s deputy chairman clarified. He added that they’re seeking “great opportunities” by adopting crypto-related technologies.

As for the expected launch date, the executive believes that Sberbank could launch the stablecoin in the spring of 2021.

But this is not the first time that Popov mentioned the possibility of launching a ruble-pegged stablecoin. In 2020, Popov and Herman Gref, Sberbank’s chairman, talked about the idea of launching a token that could become a “sentiment tool” for other digital assets.

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Sberbank’s Interest in the Crypto Industry

Ahead of the crypto regulation taking effect in Russia, Sberbank unveiled its initial plans related to the crypto industry.

As reported in December 2020, the Russian banking heavyweight was considering launching its stablecoin by teaming up with JPMorgan. However, during the interview with Popov, there was no mention of JPMorgan’s involvement in the project.

Also, Sberbank revealed it wanted to build its own “blockchain platform, which provides services for the purchase of digital financial assets.”

What do you think about this upcoming Russian stablecoin? Let us know in the comments section below.

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