Sberbank plans to issue a stablecoin of the Russian ruble

One of the top managers of Sberbank, the largest bank in the Russian Federation, Sergey Popov, spoke about the possibility of issuing a digital token, which will be used to pay for digital financial assets.

Stablecoin will become a digital exchange tool

“Probably, we can issue on the basis of the law that has been adopted, a token that we can back up with a ruble, such a corresponding stablecoin, which can become the basis, an instrument for settlements for some other digital financial assets,” he said during an online discussion "Digital financial assets in practice"

Law "On digital financial assets"

Russian President Vladimir Putin signed the law on the DFA last week. According to the document, the use of cryptocurrencies as a means of payment will be prohibited, but transactions with “digital financial assets” will be legal. Accordingly, banks will have to create a certain infrastructure for such operations.

Cryptocurrency settlement will be prohibited

The new financial legislation defines DFA as “digital rights, the issue, accounting and circulation of which is possible only by making entries in an information system based on a distributed register”. Assets can be used as collateral, exchange, transactions. However, payment for goods and services using the DFA on the territory of Russia will be prohibited.

The Law "On Digital Financial Assets" will take effect from the beginning of 2021. Based on the analysis of changes and the wishes of customers, a decision will be made on the possible release of a stablecoin, according to Sberbank.