Russia’s Sberbank has filed an application with the country’s banking regulator to launch its own stablecoin.
The state owned bank is reportedly nearing rollout of the technology, which will provide access to digital currencies and digital assets via blockchain.
The “Sbercoin” will be equal to a fixed amount of Russian Ruble and that it will be used for digital financial asset settlements.
Sberbank will no longer pursue its plans following the negative stance adopted towards cryptocurrencies by the Bank of Russia.
Russia’s initial coin offering (ICO) pilot has ended and its administrator, the Bank of Russia, has announced that it was a complete success.
State-owned Sberbank and Russia’s largest private bank, Alfa Bank, are testing cryptocurrency investment portfolios under the central bank’s ‘regulatory sandbox.’
Sberbank worked together with telecoms operator MTS and the National Settlement Depository (NSD) to carry out a landmark commercial transaction using blockchain technology.