Sberbank, the largest bank in Russia, plans to issue its own stablecoin dubbed 'Sbercoin' this spring, the TASS news agency reports. Deputy Chairman of the Executive Board of SberBank, Anatoly Popov, added the bank has already submitted a filing with the Bank of Russia to register its own blockchain platform.
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"The registration procedure takes 45 days and during this period the site will either be registered or we will receive any comments by law. There is a high probability that this project will already be launched this spring," Popov said.
Popov believes the simplest use-case for the stablecoin is a digital promissory note. He notes the bank's stablecoin opens up "great opportunities."
Sberbank first reported on its plans to launch its own stablecoin back in August 2020. In mid-October, the Bank of Russia also announced the start of consultations on the launch of a digital version of the ruble, the country's official digital currency.
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