Russia’s Largest Retail Bank, Sberbank to Launch Stablecoin This Year

One of Russia’s largest retail Bank is now working on releasing its own Stablecoin, reports Interfax.

Sberbank is the biggest private bank in Russia and a leading international financial institution, with total assets of around $477.68 billion.

Sergey Popov, director of the transaction business at Sberbank, said, "There is a high probability that this project will be launched in the spring. There is one more issue that has not yet been fully resolved, which is connected to the taxation of digital financial assets. But we hope that this question will be resolved soon. The bank is also ready to work with such a fiat currency” from a technological standpoint so far. We have completed an internal testing to see that the solution works."

Sberbank a few days back has sent an application to Russia's central bank to issue a digital token for its customers. The digital token will be pegged to the Russian people and will run on the blockchain. The token could be launched by the springtime this year.

Apart from pushing for a stablecoin, Russia still is not the most crypto-friendly nation across the globe.

Moreover, a law drafted last year revealed that Russians could go to prison for three years if they don’t declare their cryptocurrency holdings.