Largest Russian Bank Requests Approval to Launch Blockchain Based Platform

Russia’s largest bank, Sberbank, has applied to the country’s central bank for approval to launch a blockchain-based platform that will allow the bank to launch its own digital currency.

As reported by local news Interfax, the application was submitted in early January. If the bank receives the go-ahead from the regulator without any hindrance, it plans to launch a decentralized platform in the spring. Russia’s central bank is also considering exploring digital currencies.

Bank Ready To Work For Digital Fiat Currencies

“Technically, the bank is ready to work with such fiat currencies, we have tested it inside and seen that this solution works,”

said the deputy chairman of Sberbank, Anatoly Popov.

The registration process takes 45 days, and regulators will either approve the application or will seek comment within that time frame. The Russian bank’s leap into blockchain is not surprising, as it revealed its plans to create a digital currency last year. It was previously reported that Sberbank is partnering with JPMorgan to experiment with its digital currency. However, details and a tentative timeline on the trial are unclear.

Russia Strengthens Its Crypto Laws

“There is one more issue that has not been fully resolved – the issue of taxation on digital financial assets (IF), but we hope it will be clearer. The simplest use of savings – These are digital bills,”

said a Sberbank manager

Cryptocurrency laws in Russia took shape when the state legally began to see them as property. However, the government wants to limit the retail distribution of cryptocurrencies and also wants to track its citizens’ digital currency holdings.

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