Russia’s largest bank Sberbank will make its first digital asset transfer on its own dedicated platform within a month, an executive revealed this week. The announcement comes after the bank was authorized to issue digital financial assets earlier this year.
Sberbank ready to process digital financial assets on proprietary platform
Russia’s majority state-owned bank Sberbank (Sber) will execute its first digital financial asset (DFA) transaction on a platform developed by the institution within a month, according to Tass news agency. The news agency quoted Anatoly Popov, deputy chairman of the Management Board of the Banking and Financial Services Company, as saying.
Speaking on the sidelines of the St. Petersburg International Economic Forum, the senior executive reminded that Sberbank, which accounts for about one-third of all Russian banking assets, has been added to Russia’s central bank’s register of information system operators DFA this spring.
“Digital financial assets” is the current term in Russian law to describe cryptocurrencies and other digital assets. Other legislation is underway, with the Treasury Department proposing a bill “on digital currencies” to comprehensively regulate the country’s crypto market, which could be passed during the fall session of the National Dima, the lower house of parliament.
“We are looking at the development of new technologies, including in the field of distributed ledgers. We are looking at how blockchain technology is evolving,” Popov commented. “Currently, there are a lot of projects using them, certainly at Sber as well.”
The vice chairman of Sberbank also noted that the bank’s digital asset platform has passed the acceptance test. A press release issued in March detailed that DFA will be released and disseminated through a platform built using blockchain technology.
Other companies will be allowed to use it to issue their own digital assets to attract investment. They will also be able to trade with DFA in accordance with the applicable regulations of the Russian Federation.
Currently, the Law on Digital Financial Assets, which came into effect in January 2021, is Russia’s main legislation regulating cryptocurrencies and tokens. While it introduced rules governing activities such as digital coin issuance and fundraising through tokens, key operations of cryptocurrencies such as mining and trading are not yet regulated.
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