Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives.
Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday.
Sberbank’s stablecoin would be compliant with the recently passed crypto law
According to the report, the potential stablecoin could be used for settlements involving other digital financial assets. Popov reportedly noted that Sberbank would be able to issue the token in accordance with the recently passed crypto law called “On Digital Financial Assets,” or DFA.
The exec said:
“We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”
Russian President Putin recently signs crypto bill into law
The news came soon after Russia’s president, Vladimir Putin, officially signed Russia’s DFA bill into law on July 31. By signing the bill, Putin prohibited Russian residents from making payments in cryptocurrencies like Bitcoin (BTC) starting from Jan. 1, 2021. First initiated in 2018, the DFA law reportedly legalizes crypto-to-crypto exchanges,