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The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country begins regulating the sector in January. Sberbank’s CEO says the bank could issue its own cryptocurrency in partnership with JPMorgan.
Crypto Plans by Sberbank and Sbercoin
Sberbank’s chief executive, Herman Gref, unveiled his bank’s plans on Monday for when the country’s upcoming crypto settlement takes effect.
Gref explained that the “digital financial resources” law will come into effect in Russia on January 1. It provides a legal definition for digital assets and legitimizes cryptocurrency in Russia. A separate bill, “On digital currency”, which is still under consideration in the Duma, will provide a regulatory framework for cryptocurrency. Gref would have said:
From January 1st the law comes into force, we want to bring our new blockchain platform to market, which will provide services for the purchase of digital financial assets.
Additionally, Reuters reported Tuesday that Sberbank is considering issuing its own cryptocurrency called “sbercoin” and may partner with JPMorgan to work on the project next year. JPMorgan recently launched JPM Coin. Gref explained that Sberbank will be working on its cryptocurrency at the same time as the Bank of Russia is working on a central bank digital currency (CBDC), the digital ruble.
Sberbank is the largest bank in Russia, Central and Eastern Europe. Its Russian network includes 11 regional banks with 14,200 branches in 83 regions. The bank has a worldwide presence in 18 countries. The Russian Federation represented by the Ministry of Finance “owns 50% plus a voting stake in the authorized capital of Sberbank (or 52.23% of all Sberbank voting shares)”, details on the bank’s website .
What do you think of Sberbank’s crypto plans? Let us know in the comments section below.
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