Russia’s largest bank struggles to register digital asset platform

Sber, the state-owned bank, has yet to obtain regulatory approval for its platform

Herman Gref, CEO of Russia’s largest bank Sber, expects the institution’s digital asset issuance platform to be registered by end of 2021, following a period of delays.

Initially reported by local news agency Prime, Gref announced the news today and added that Sber is in constant contact with the central bank.

“We are in constant contact with the central bank, and we are discussing various issues,” he said.

“We really want to believe that the platform will be registered by the end of this year.”

The application to register its digital asset platform was filed in January 2021 when Sber director of transactions Sergey Popov stated the registration procedure should take no longer than 45 days.

The launch of the platform and Sber’s stablecoin – Sbercoin – was penciled in for spring 2021.

The bank had planned to register its blockchain platform with the Bank of Russia by mid-September but Russia’s strict stance on cryptocurrencies has left the institution unable to register on its initial schedule.

Russian central bank policies leave banks unable to offer crypto services despite the nation’s legalisation of cryptocurrency trading.

Official representative of Russian President Vladimir Putin, Dmitry Peskov, admitted Russia was not ready to adopt Bitcoin as legal tender as it would only bring harm upon the country’s financial system.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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