Major financial institutions across the world are trying to join the crypto bandwagon and tap into the immense potential of the digital assets space.
As per the news, Sberbank is planning to launch its own stablecoin pegged on Russia’s national currency, Ruble.
Sber Bank to Launch Ruble Stablecoin
The largest retail bank in Russia has reportedly applied to the Bank of Russia for launching its own cryptocurrency pegged on Ruble this spring. The blockchain-based digital asset would be issued from the registered platform as per the bank. Sberbank said that they are ready to work with “such fiat currency, we have tested it inside and saw that this solution works.”
Once the taxation and legal compliance aspects are cleared, the digital asset would be rolled out. Sberbank is Russia’s biggest retail bank with assets of more than $477.68 billion.
Bank of Russia is also in the works to launch its CBDC and is hopeful of launching its pilot this year. The head of the Bank of Russia, Elvira Nabiullina, said in October 2020 that the digital Ruble would be out in 2021, and the CBDC would facilitate faster, safer, and simpler digital payments.
Cryptocurrencies pegged on USD are quite popular; many new stablecoin pegged on Yen, Yuan, and now Ruble are in the news. While the Russian Banks are looking to advance in cryptocurrency and digital currencies space by launching stable coins and CDBCs, ironically, the country’s cryptocurrency laws are quite stringent. Recently Russia updated the cryptocurrency laws, effective this month, according to which the crypto users must declare their holdings else and even end in jail.
Uber has applied for the license with the Bank of Russia for issuing its digital token pegged on Ruble to its corporate clients. The companies banking with the leading private bank of the country would be able to use the stablecoin. Sberbank said that “This stablecoin will allow companies to use smart contracts on Uber’s platform based on the Hyperledger Fabric blockchain. Tokenizing both material goods and fiat money on this platform will allow transactions to be fully automatic,”
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