Sberbank to register with Russian Central Bank

Sber - the largest banking institution in Russia - continues its development of a blockchain-based platform for issuing digital assets

Sberbank is expected to register its blockchain platform with the Bank of Russia by mid-September and says it has already created functionality in issuing digital financial assets (DFA) of third parties.

Anatoly Popov, deputy chairman of the executive board at Sber, said the bank was planning to register its digital asset issuance platform with the Bank of Russia by mid-September.

“We want to work on registration of the platform for the issue of CFA to be completed no later than the first half of September,” he said.

“So far, we only plan to issue and turnover of the bank’s own CFA, but have already begun to create functionality for the issue of CFA by third parties and expect that our clients will be able to use this opportunity later this year.”

He added that Sber had recently sent an updated application for the platform to the Bank of Russia, following some feedback from the institution.

According to local reports, Sberbank has invested around $1 billion in its digital ecosystem in the first half of 2021. Earlier this year, the company applied with the Bank of Russia to launch a blockchain platform for its own stablecoin known as Sbercoin.

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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