Russia’s Biggest Bank “Sberbank” to Launch Its Own StableCoin

Vladirim Putin Cryptocurrency

“Sberbank,” the largest bank in Russia, is considering launching its own token. This decision comes right after the president of Russia Vladimir Putin officially signed Russia’s DFA bill into law on July 31.

Although the law says that nothing can be bought with Bitcoin, but it only allows crypto-to-crypto exchanges. But Sergey Popov, director of the transaction business at “Sberbank,” said that the bank would be able to issue the token under the crypto law called “On Digital Financial Assets,” or DFA.

“We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets”, Popov noted.

Sberbank is familiar with cryptocurrency since a while ago. In May, Cointelegraph reported that Sberbank spent more than $100 million on 5,000 blockchain-enabled ATMs that are capable of mining crypto.

It seems that banks have started to pay more attention to cryptocurrencies, as a few days ago, the Swiss Bank “Basler Kantonalbank” started to offer bitcoin investments also.

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