The largest bank in Russia announced the launch of its own stablecoin

Sberbank is again interested in cryptocurrency. The bank is preparing to start issuing its Sbercoin token, said Sergei Popov, director of the Sberbank Transaction Business Division. It is expected to appear next year and will be used for intra-bank and interbank transactions. Popov noted that Sbercoin will belong to the category of so-called “stablecoins” – virtual coins tied to real currencies. In this case, Sbercoin will have a fixed ruble value.

In 2019, Sberbank was already actively studying the prospects for the use of cryptocurrencies, but the legislation did not appear and the plans were curtailed. Now the country has a law on digital financial assets – within the framework of it, it is planned to implement the project.

“It is quite natural that it was Sberbank who was the first to announce the release of the CFA under the new law, because its final version de facto allows only large and close to the Central Bank players to the Russian crypto market,” says Efim Kazantsev, an expert at Moscow Digital School. CFA will eventually become a stablecoin and a “settlement instrument for some other CFA.” Clause 5 of Article 14 of the CFA Law prohibits accepting digital currency as a counter-provision for goods, works or services. Therefore, if Sberbank’s stablecoin is recognized as a digital currency, it will not be able to become an instrument of settlements for other CFA”.

“They call the currency a stablecoin, although we have not yet even recorded the issue, circulation and exchange of digital currency,” says Maria Stankevich, the development director of the EXMO platform. “I think they are unlikely to issue a stablecoin for the ruble, but rather some kind of technical token for accelerating transactions in the internal system “.

“Most likely, we are talking about mutual settlements within the bank, which, in turn, will help to significantly reduce the cost of such operations,” agrees Mikhail Petrov, director of products and innovations at VR_Bank. “It should be understood that this cryptocurrency itself will not be used in Russia as a means of payment, but at the same time it can be the subject of pledge in transactions, for example, purchase and sale. “


In general, it is still hype and agile. But whatever happens, everything is experience. And with it, it is quite possible that Sberbank in the future will be invited to deal with the technical stuffing for the “digital ruble”. Say what you like, but as long as Leviathan is strong, there is more future for government digital currencies (CBDC) than for “anarchist” decentralized finance.

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