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October 4, 2022
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Sberbank will have its own stablecoin –

The largest retail bank in Russia is now getting ready, as we just learned, to launch its own stablecoin. The information was provided by the Russian news service Interfax.

Sberbank wants to have its own stablecoin

According to the Russian media, Sberbank has even filed a special application with the Russian central bank. The one on commissioning “A digital blockchain asset that is tied to the Russian ruble.” In other words, it’s about stablecoin.

“Sberbank has applied to the Bank of Russia for registration of its blockchain platform [co miało miejsce] in early January as legally digital financial assets can be issued on a registered platform.

Technologically, the bank is ready to work on such a fiat currency, we tested it inside [struktur banku] and we found out that this solution works “

– has now been communicated to the public.

The bank intends to launch such a digital asset in the coming months, after potential tax problems have been resolved:

“There is a high probability that the project will start in spring. There is another issue that is still not fully resolved – the taxation of digital financial assets, but we hope to become clearer soon, too.

Digital ruble

The Russian central bank is also considering introducing its own digital currency. It therefore follows many other central banks around the world, including the US.

2020 was, in a sense, a breakthrough in terms of preparations for the issue of central bank digital currencies (CBDC). China has revealed its strong commitment to the topic. As a result, the digital yuan is to be issued in the second half of the this year. In turn, the European Central Bank (ECB) announced a public consultation on the digital euro. These were completed at the beginning of this year and a special report is to be published in the spring based on the data collected. On its basis, work will be continued.

In the US, on the other hand, the topic of the digital dollar has suddenly returned. Although the authorities had previously argued that it was not urgent for them, recently Fed chairman Jerome Powell stated that designing the CBDC was one of the high priorities of the central bank.

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