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Sberbank to Launch Sbercoin Cryptocurrency in Russia

Sberbank to Launch Sbercoin Cryptocurrency in Russia
  • Russia’s largest bank Sberbank is planning to launch its cryptocurrency called Sbercoin.
  • For this, Sberbank has filed an application to the Central Bank of Russia requesting for blockchain-based network approval.

According to a report, Russia’s banking giant Sberbank is planning to launch its cryptocurrency called Sbercoin. For this reason, Sberbank has sent an application to the Central Bank of Russia requesting approval.

Per Sergey Popov, Sberbank Transaction Market Division’s Director, Sberbank requested the blockchain-based network early this year. Meanwhile, Sberbank aims to issue its so-called Sbercoin possibly by spring.

Popov said, ”Sberbank submitted an application to the Bank of Russia for registering our platform in the first days of January, on the first working days last week.” He also mentioned how the law on digital financial assets came into effect in Russia on the 1st of January. Thus, Popov is eagerly awaiting approval from the Central Bank of Russia.

Additionally, he said that usually, the process of registration takes a maximum of 45 working days.

Furthermore, last year, Popov remarked with the possibility that Sberbank may launch a stablecoin that will be tied to the Russian ruble.

Meanwhile, aside from Popov, Sberbank CEO German Gref also disclosed in November how Sberbank plans to issue its digital currency.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.