The adoption of cryptoassets in Russia is moving forward with a new license issued by the country’s Central Bank. According to the document, state-owned bank Sberbank can now issue and trade digital assets.
Although cryptoassets are not regulated in Russia, Sberbank is preparing to create digital currencies for its investors. In a statement released on Thursday (17), the state-owned bank said it would support transactions with digital assets on its platform.
Like bitcoin, Sberbank will use blockchain technology to create digital currencies. In addition, the technology will serve to validate cryptoasset transactions on the Russian bank’s platform.
According to Sberbank’s transaction and business division director Sergey Popov, the state-owned bank is preparing to offer cryptoasset transactions early next month.
“Companies will be able to make their first transaction on our blockchain platform within a month. We are just beginning our work with digital assets, realizing that further development requires adaptation of the current regulatory framework. For this, we are ready to work closely with regulatory bodies and executives”.
Considered the largest lender among Russia’s big banks, Sberbank holds the country’s most considerable Russian ruble savings. Seeking consolidation in the international market, the state-owned bank aims to be regulated by the United States and the European Union.
In February 2022, Sberbank participated in the test of the digital ruble, a digital currency backed by the Central Bank (CBDC). Through the bank, citizens tested the stablecoin that has the price pegged to the Russian ruble.