Sberbank wants to release its cryptocurrency in the spring

Sberbank wants to release its cryptocurrency in the spring


MarketBusiness

Anna Savelieva | 01/22/2021

Sberbank wants to release its cryptocurrency in the spring

The digital coin will be pegged to the ruble and will receive a fixed value. The bank has already submitted an application to the Central Bank for registering a blockchain platform.

According to the deputy chairman of the bank’s board Anatoly Popov, Sberbank submitted an application to the Bank of Russia to register its blockchain platform in early January, since digital financial assets in
in accordance with the law can be released on a registered site. He also noted that the bank is technically ready to work with fiat currency and has successfully conducted internal testing.

According to the law, the registration procedure takes 45 days, during which the regulator will have to either register the site or provide comments on the project. If all goes well,
then Sbercoin may “see the light of the market” in the spring of 2021. Nevertheless, Sberbank warned that the issue of taxation of digital financial assets has not yet been fully resolved, which means that in this
a number of difficulties can arise.

Recall that the bank talked about its plans to issue cryptocurrency back in early August last year. Already at that time it was announced that stablecoin was chosen as the currency format – that is, having
fixed cost, in this case ruble. As conceived by Sberbank, savings can become a digital bill of exchange and a convenient means of interbank settlements. However, the digital coin will be less
subject to exchange rate fluctuations and is quite liquid due to the availability of the necessary infrastructure at the bank.

The draft law on digital assets and currencies entered into force on January 1, 2021, after which registration began. According to him,
from now on, Russians have the right to buy digital counterparts of securities, and those, in turn, received legal status. Nonetheless experts
fear
that at the first stage of the project on the introduction of a digital national currency, rates on bank deposits and loans may increase.

Despite the obvious connection with the digital ruble of the Central Bank, we are still talking about different areas and technologies. According to the regulator’s plan, the electronic currency will be stored on an electronic wallet, not
will require access to the Internet, and will be able to combine the properties of cash and non-cash rubles, and will also receive a unique electronic number like ordinary banknotes. Sbercoin is more designed for
financial assets and instruments of the bank, such as bonds, trade and business operations within the Sberbank ecosystem and between other market participants. The decision of the Central Bank, on the contrary, is more aimed at
increased competition and lower costs of payment services and transfers.

Sberbank | SberbankFintechCryptocurrency



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