Russia's Sberbank receives license to issue digital assets
Russia's Sberbank receives license to issue digital assets
- The Russian central bank has given the country's largest lender a license to start with the issue of digital assets
- The Sberbank is put under pressure by US sanctions due to the continuing conflict between Ukraine and Russia
Russia's top loan gained a license from the country's central bank to begin the issue of digital assets after the US economic sanctions, which experienced a seismic value loss of the institution at the beginning of the month.
The Sberbank was included in the list of operators of information systems or approved companies that issue digital financial systems, the lender said in a AM Thursday.
The decree comes in the middle of US sanctions against Russian financial institutions and companies because of the invasion of the country to Ukraine, which first began on February 24th. The Sberbank, which is in state property, is currently sanctioned by the USA and the European Union.
These assets issued on the digital platform of the bank are recorded and brought into circulation via a distributed Ledger technology system, which guarantees "data security" and data independence, it was said.
companies can spend their own digital assets if they prove that they have the required cash. Companies can also use digital assets that are issued via the bank's information system, which enables them to invest their currently unused funds to achieve income, said Sberbank.
"Companies can carry out their first transaction on our blockchain platform in a month," said Sergey Popov, director of the Transaction Business Division, in the explanation.
" We are just starting our work with digital assets and realizing that further development requires an adaptation of the current regulatory framework. We are ready to work closely with the regulation and executive organs. "
The Sberbank lost 95 % of its value on the London stock exchange at the beginning of the month due to the US sanctions against the Russian invasion of Ukraine. Other shares listed in London, including Lukoil, Novatek and Rosneft, also suffered significant setbacks.
The lender has the largest market share in savings deposits in Russia and is the most important issuer for the country's creditors. He works in several European countries and thus the largest bank on the eastern borders of the continent.
The question of whether or to what extent the Russian government could use crypto to avoid western sanctions is a hot topic in Washington DC, since the Senate will hear a hearing on this matter on Thursday. During this hearing, a non -partisan group of senators introduced new laws that are intended to ensure that Russia is largely cut off from global financial infrastructure.
. .
The contribution of Russia's Sberbank receives license to issue digital assets is not a financial advice.
Kommentare (0)