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Sberbank will launch its own stablecoin in spring 2021 –

Sberbank, the largest state-owned bank in Russia, has applied to the central bank to launch a blockchain platform for its stablecoin “Sbercoin”.

As reported by the local news agency I.nterfax, Sergey Popov, director of transactions at Sberbank, made the news at a local financial event on January 21.

Popov reported that Sberbank submitted an application to the central bank in early January. He added that the registration procedure usually takes no more than 45 days. If Sberbank gets the green light from the regulator, it may launch its platform and stablecoin in the spring of this year. However, Sberbank is still working on how to tax its digital currency:

“It is very likely that this project will be launched in the spring. There is one more issue that has not yet been fully resolved that relates to the taxation of digital financial assets. But we hope this issue will be resolved soon. “

Popov also added that from a technological point of view, the bank is “ready to work with this fiat currency.”

As previously reported, Sberbank released the news of work on its native Sbercoin token at the end of November. Sberbank’s latest announcement comes shortly after Russia officially adopted the law on digital financial assets.

Cryptocurrencies in Russia

In late 2020, Anatoly Aksakov, a member of the Russian State Duma, said the Duma’s Financial Markets Committee expects the country to see a sharp increase in the issuance of various cryptocurrencies after the adoption of the new law.

In mid-December, President Vladimir Putin signed a decree obliging Russian officials to disclose their investments in the BTC market by June 30, 2021. Officials will have to disclose data on their cryptocurrency investments in a special form. It is about such information as: the name of the digital asset, the date of its purchase, the total amount of the assets held, as well as information about the issuer of the asset. Not only that, the declarations must also contain quite detailed information about cryptocurrencies and tokens belonging to the spouses and underage children of officials. As we read in the decree, the “disclosure” process will start on January 1, 2021.

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