Russia’s largest bank is working to launch its own stablecoin. Moscow-based Sberbank this month submitted an application to the Russian central bank to issue a digital token for its customers, Interfax news agency reported today.

 

 

Russia’s largest bank issues stablecoin

According to the report, the digital token will be fixed to the Russian ruble and will work on the blockchain. Stabilcoin could be launched in the spring months.

Anatoly Popov, the vice president of Sberbank, used the following statements in his statement:

He applied to the Central Bank of Russia to register Sberbank’s blockchain platform in early January. Legally digital financial assets can be issued on a registered platform. Technologically the bank is ready to work with such a fiat currency, we have tested it in it and found that this solution works.

 

Crypto assets must be declared in the country

Despite the demand for stablecoin, Russia isn’t the most crypto-friendly country in the world.

A law drafted last year revealed that Russians could face up to three years in prison if they do not disclose their crypto assets.

But Russia’s Central Bank hopes to pilot its central bank digital currency by the end of this year.

Sberbank operates as Russia’s largest private bank with total assets of over $ 477.68 billion.

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