Moscow-headquartered Russian banking leader Sberbank presented documents to the country’s banking supervisory body to release its own stablecoin.
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Sberbank was founded in 1841. Now it is the dominant credit establishment in Russia and post-Soviet countries.
The vice-president of the bank’s board, Anatoly Popov, informed that the bank made a request to the country's Central Bank within this month to list its blockchain program. The government has authorized the use of cryptocurrencies from January 1, 2021.
As reported by Popov, after 45 days, it will be clear whether the financial authority approves the appeal or not. In case of a positive answer, the stablecoin is supposed to issue in March.
However, there are some regulatory points that the government hasn't clarified yet. For instance, what are the rules of digital asset taxation? Sberbank launched a platform allowing users to exchange digital financial assets in August 2020. It aims to involve corporate customers with the project. The bank enables any firm to join its network.
At the time of developing the protocol, Popov said that Sberbank aimed to build a ruble- pegged stablecoin. This plan may meet regulatory problems, as the Bank of Russia formerly stated it's being against any ruble-pegged stablecoin.