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Russia’s Sberbank expects to register its blockchain platform in the next two weeks

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Russia’s largest bank, Sberbank, plans to register its blockchain platform with Russia’s central bank by mid-September. Financial institutions have already begun to create functions for issuing third-party digital financial assets (DFAs).

Another crypto move to Sberbank

According to the recent news Russian media TASS is a local banking giant-Sberbank-well on track to register a blockchain platform for issuing digital assets with the Russian Central Bank.

Anatoly Popov-Deputy Chairman of the Board of Sberbank-said that the initiative should be completed by mid-September. He added that Sber had already begun to create features for DFA releases by third parties. This option should be ready for customers by the end of 2021:

“We want work on registering the DFA release platform to be completed in the first half of September at the latest. So far, we only plan to issue and turnover our own DFA bank, but we have already started creating functions for the issuance of CFA by third parties and we expect that our clients will be able to take advantage of this opportunity later this year. “

The chief executive added that Sberbank and the Bank of Russia are actively discussing the requirements that the new product must cover:

“Based on the results of the last inspection of the platform, we received minor comments, which we removed and sent an updated report to the Russian Bank.”

Waiting for central bank approval

The collection also awaited the approval of the national central bank to create its own cryptocurrency through a blockchain platform. At the time, Popov said the main goal was to launch a digital asset in the spring of 2021:

“Sberbank applied for registration of its blockchain platform in early January, as legally, digital financial assets can only be issued on a registered platform.”

The vice president further explained that the bank had already tested the blockchain technology and “saw that the solution worked”.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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