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Russia’s largest state bank would be considering launching its own stablecoin

Sberbank, a state-owned company and Russia’s largest bank, is considering issuing its own token, according to its key executives.

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Sergey Popov, director of business transactions at Sberbank, says Russia’s banking giant is considering issuing its own stablecoin that could be individually linked to the Russian rouble, local news agency Kommersant reported Tuesday.

Sberbank’s stablecoin would comply with the recently passed crypto law

According to the report, possible stablecoin could be used for agreements involving other digital financial assets. Popov said Sberbank could issue the token under the recently passed crypto law called „On Digital Financial Assets“, or DFA.

The executive said:

„We can probably issue a stablecoin based on the law that has been adopted recently. Since we can link this currency to the ruble, this token could become a basis or an instrument for agreements involving other digital financial assets“.

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President Putin recently signed the crypto bill
This news came shortly after Russia’s President Vladimir Putin officially signed Russia’s DFA bill on July 31. By signing this bill, Putin prohibited Russian residents from making payments with crypto currencies such as Bitcoin (BTC) as of January 1, 2021. First introduced in 2018, the DFA law reportedly legalizes cryptto-crypt exchanges, buying and selling, and lending in cryptomon currencies.

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Sberbank has apparently been waiting for the law since 2018
Sberbank is known for its initiatives related to crypto-currencies. In May, Cointelegraph reported that Sberbank was spending more than USD 100 million on 5,000 blockcha-enabled ATMs that are capable of mining crypto-currencies. In November 2019, Sberbank also pioneered a blockchain solution for repurchase agreements, also known as repo.

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In May 2019, Sberbank had to suspend a crypto-currency initiative because of the negative stance on blockchain assets held by the central bank.