Russia’s Largest Sberbank Starts Thinking to Roll out its Stablecoin
One of the largest banks of Russia has given a hint to launch its stablecoin. Sberbank starts considering to launch stablecoin after President Vladimir Putin signed the bill about cryptocurrency.
Stablecoin for Settlements
Sberbank’s Director of the transaction business Sergey Popov claims that state-owned bank is considering to roll out stablecoin for settlements. According to Kommersant’s report, stablecoin could be pegged to the Russian ruble.
Popov said:
“We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”
Recently, Russia’s president signed the FDA bill that does not permit cryptocurrency as a means of payment. In simple words, citizens of the country cannot execute payments in cryptocurrency including Bitcoin, Ethereum, or others.
Sberbank has warm arms towards blockchain technology as the bank had invested $100 in 5,000 ATMs based on blockchain technology.
There was an ongoing debate about whether the cryptocurrency would ban in Russia or not. On July 22, it was reported that the legislative body State Duma finally passed the bill titled “On Digital Financial Assets.”
FDA Bill
FDA bill just deals with cryptocurrency regulation but the law about the industry is still yet to come on the screen. Maria Stankevich, the Development Director at EXMO Exchange, believed that the bill is just a glossary. Stankevich added:
“We hope that the new document will be more complete and will contain a large number of updates that were previously sent as amendments. But we believe that it is too early to rejoice, because, as we have already mentioned, the current law is nothing more than a glossary. There may be surprises ahead of us.”
Most of the countries inspired after Facebook announced to launch its stablecoin called Libra. Various countries have started to work on rolling out stablecoins and China is at the top of the list.
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