Russian Sberbank Concedes A Possibility To Issue Ruble-Based Stablecoin

Sberbank, the largest Russian bank which controlling stake belongs to the state has conceded a possibility to issue its cryptocurrency. Its net profit reached RUR166.7 billion (approximately USD2.3 billion) as for the Q2nd, 2020.

The oncoming stablecoin is projected to be based upon Russian Ruble. This cryptocurrency will be applied as a payment means for different financial assets. Sergey Popov, the head of Sberbank “Transaction Business” division points out that this possibility is provided by the Federal Law “On Digital Financial Assets” signed last week by the Russian President Vladimir Putin. Eventually, the law clearly identifies a digital asset – a token or stablecoins – as a right of monetary claim.

The interest of the Russian leading bank to cryptomarket lies in the contemporary trend typical for different large banks worldwide. Thus, Basler Kantonalbanksberbank, one of the leading Swiss banks, has voiced its intention to start operations in this field this week.

Pundits are waiting for more detailed information from Sberbank and are investigating its perspectives in this sphere.

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