Russia's Largest Bank Takes Closer Look at Stablecoin
Main page News, Russia, Banking, Stablecoins

A state-owned Russian largest bank, Sberbank, may issue its own stablecoin pegged 1:1 to the Russian ruble, Kommersant reports, citing Sergey Popov, Director of the Transaction Business Division of Sberbank.

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According to Popov, the bank is considering issuing its own digital assets in accordance with the recently adopted law "On Digital Financial Assets."

"Perhaps, we may issue a token based on the law that was approved recently and peg it to the ruble with a corresponding stablecoin, which can become the basis, a tool for settlements for some other digital financial assets," Popov said.

Previously, the State Duma of Russia adopted the third and final reading the draft law "On Digital Financial Assets."

Thus, starting from January 1, 2021, all cryptocurrency-related operations are legalized in Russia. However, neither bitcoins (EXANTE: Bitcoin) nor other cryptocurrencies will be classified as legal tender.

Back in 2018, Sberbank, BC Region and NSD concluded the world's first trilateral repo deal on the blockchain technology using smart contract technology.

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The transaction was conducted on a fully automated Collateral Management System (LMS). The National Settlement Depository was the settlement agent, while Sberbank was the seller, and Region Company the buyer.

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