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The biggest bank in Russia is getting ready to launch its own blockchain platform

The biggest bank in Russia is getting ready to launch its own blockchain platform

Quick take

1 minute read

  • The largest bank in Russia is getting ready to launch a new blockchain platform for trading as well as a native token. 
  • As a new law comes into effect in the country, Sberbank is getting ready to jump in the deep end for cryptocurrency in 2021 when the new law “on digital financial assets“ comes into effect in Russia.

The largest bank in Russia is getting ready to launch a new blockchain platform for trading as well as a native token. As a new law comes into effect in the country, Sberbank is getting ready to jump in the deep end for cryptocurrency in 2021 when the new law “on digital financial assets“ comes into effect in Russia.

The chief executive officer of the Russian bank, Sberbank revealed the news earlier this week and with over 96 million clients, this makes the bank the biggest one in the country.

Earlier this year, there were rounds of rumours and speculation as to whether the bank was looking to issue its own stablecoin cryptocurrency. Given that the DFA law does not allow for a number of crypto-related activities, it didn’t seem that a stablecoin would be backed by the ruble in Russia.

There have been news reports in regards to Russia creating its own central-bank digital currency though and it will be very exciting to see where this goes in the future. Russia has had a rough history with cryptocurrency in the past but now it seems that things are about to change in 2021.

For more news on this and other crypto updates, keep it with CryptoDaily!

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