Russia’s largest bank, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country is set to begin regulating the industry in January. The CEO of Sberbank says the bank can issue its own cryptocurrency in collaboration with JPMorgan.
Sberbank and Sbercoin Crypto Plans
Sberbank CEO Herman Gavy unveiled his bank’s plans on Monday for when the country’s crypto regulation will come.
Strong explained that the law “On digital financial assets” will come into force in Russia on January 1. It provides a legal definition for digital assets and legalizes cryptocurrency in Russia. A separate bill, “On digital currency,” still under consideration by the Duma, will provide a regulatory framework for cryptocurrency. Gref was quoted as saying:
From January 1, the law comes into effect, we want to bring our new blockchain platform to market, which will provide services for purchasing digital financial assets.
In addition, Reuters reported on Tuesday that Sberbank is considering issuing its own cryptocurrency called “sbercoin” and may be joining JPMorgan to work on the project next year. JPMorgan recently launched the JPM Coin. Strong explained that Sberbank will be working on its cryptocurrency at the same time as the Russian Bank is working on the central bank’s digital currency (CBDC), the digital ruble.
Sberbank is the largest bank in Russia, Central and Eastern Europe. Its Russian network includes 11 regional banks with 14,200 branches in 83 regions. The bank has a worldwide presence in 18 countries. The Russian Federation represented by the Ministry of Finance “owns 50% plus one voting share in the authorized capital of Sberbank (or 52.23% of all Sberbank voting shares),” details the bank’s website.
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