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Russian bank Sber is completing its initial currency deal

Russian bank Sber is completing its initial currency deal

Sber was originally planning to release its blockchain-enabled digital asset platform and the Sbercoin stablecoin by spring 2021.

Russian banking giant Sber – formerly famous as Sberbank is getting ready to complete its initial digital currency deal, which includes the bank’s proprietary digital asset platform shortly.

The bank will make its initial transaction, which includes digital financial assets (DFA), on its digital asset platform until mid-July.

In an interview with the state-backed TASS news agency on June 15, Sber deputy chairman Anatoly Popov revealed Sber’s plans to complete such a deal.

Popov stated that Sber ultimately got registration from the country’s central bank – the Bank of Russia – in spring 2022, after a series of delays in registration. Sber has struggled to register its digital asset export platform, which was initially expected to release in the spring of 2021 alongside its Sbercoin.

While the recent news does not straightaway mention the use of the blockchain on Sber’s platform, Popov mentioned that the bank is committed to exploring the technology, saying:

“We are looking carefully at the development of new technologies, such as distributed ledger technology. We are studying how to develop blockchain technologies. Our platform has already passed acceptance tests, and the initial transaction will be completed within a month.

The news came with VTB, Russia’s second-largest bank, which is also getting ready to test the buy of DFAs in exchange for Russian central bank digital currency, the digital ruble, in September 2022. VTB’s board member Svyatoslav has reportedly revealed plans to release a new digital ruble platform at the St. Petersburg International Economic Forum on June 15.

In the initial reading, the Russian parliament passed a new bill banning the use of DFAs as payment for goods and services.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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