Russian Sberbank Has Applied for a Stablecoin Issue
Sberbank, the largest retail bank in the Russian Federation, plans to issue its own stablecoin for corporate clients. The token will be provided to companies using the Sber platform to conduct banking transactions
The stablecoin will be powered by the Hyperledger Fabric blockchain launched last summer. With its help, it will be possible to launch smart contracts on the Sber platform.
At the same time, the transactions will be fully automated, and the stablecoin, in fact, will not be a cryptocurrency, but a tokenized form of the ruble stored by the company in its Sber account.
According to bank employees, in a technical sense, using a digital token will be similar to a simple bank account replenishment, but implemented using a different technical infrastructure.
Details on launching stablecoin
The application for the registration of the blockchain platform was submitted by Sberbank at the beginning of the year. This was announced today by the vice-chairman of the bank Anatoly Popov. This became possible thanks to the introduction of the Law on Digital Assets in Russia.
According to legal regulations, all issuers of digital tokens must register. This process can take 1.5 months. If approved by the regulator, work on the ruble-pegged stablecoin will begin in the spring of 2021.
According to the vice-chairman of the bank, one of the challenges of the launch for the cryptocurrency may be lack of clarity regarding the taxation of digital assets. The law on taxes on income in this area has not yet been adopted.