Sberbank prepares to register a blockchain platform for issuing digital assets

Deputy Chairman of the Board of Sberbank Anatoly Popov spoke about plans to register its own platform for issuing digital assets in the Bank of Russia by mid-September, TASS reports.

The largest Russian bank Sberbank continues to develop a blockchain-based platform for issuing digital assets.

Popov added that the bank has begun building functionality to enable third parties to issue digital assets and plans to roll out this functionality by the end of the year. Currently, Sberbank is also focused on issuing and managing its own digital financial assets.

According to the top manager, the bank is actively cooperating with the central bank, discussing the functions and requirements for future products based on digital assets. The organization recently sent an updated application to the Bank of Russia for approval.

The regulator and the lending institution are currently discussing technical and legal issues. The Central Bank evaluates the progress of the state bank to create its own blockchain.

Popov stressed:

“During the audit, we received several small comments and have already eliminated them. Then we sent the updated petition to the Bank of Russia for consideration. «

The token of the largest Russian state bank will be called «Sbercoin». The launch of the digital currency and its first tests may take place as early as 2021. This was previously stated by the head of Sberbank, German Gref, who is known as a supporter of the implementation of the latest technological solutions in the work of the financial giant.

Sberbank is the largest banking and financial institution, ranking 51st on the Forbes Global 2000 list this year. The state-owned company was renamed Sberbank last year to underscore the company’s commitment to digital services and become a technology leader rather than only banking services. In the first half of 2021, Sberbank invested about $ 1 billion in its digital ecosystem.

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