The biggest retail bank in Russia is reportedly gearing up to launch its own proprietary stablecoin.
According to the Russian news outlet Interfax, Sberbank has filed an application with the Central Bank of Russia to launch a blockchain-based digital asset that’s pegged to the Russian ruble.
“Sberbank filed an application with the Bank of Russia to register its blockchain platform in early January, since digital financial assets in accordance with the law can be issued on a registered platform.
Technologically, the bank is ready to work with such fiat currency, we have tested it inside and saw that this solution works.”
The bank is aiming to launch the digital asset the coming months, once potential issues with taxation are sorted out.
“There is a high probability that this project will be launched in the spring. There is one more issue that has not yet been fully resolved – the issue of taxation of digital financial assets, but we hope that it will become clearer.”
Russia’s Central Bank is also exploring the launch of its own digital currency, along with many other central banks around the world, including the US.
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