Sberbank, the largest bank of the Russian Federation, has announced a plan to enter its home market stablecoina. The value of Sbercoin is to be 1: 1 against the Russian ruble. It will be used for digital settlement of financial assets.
Russian law in favor of digital solutions
Sbercoin is to become Sberbank's new settlement tool. The experts employed in it have been working on the technical and legal possibilities of issuing a new stablecoin for a long time. It cannot be denied that the draft of the new Russian law on digital currencies has worked in favor of the new project. Thanks to it, cryptocurrencies will become fully legal assets on the Russian financial market. Thus, Sberbank gained the opportunity to spend its own digital money. In addition, the newly created legal act will enable Russian companies to tokenize their activities and conduct digital share issues using blockchain technology.
Sbercoin's release date is still in question
It is still not sure when the Sbercoin issue will start. It is known, however, that the act on digital currencies is to enter into force at the beginning of next year. The changes introduced by the Russian government will open up completely new prospects in the area of cryptocurrency trading. As provided for in the new act, digital currencies may be traded, but may not be used to purchase goods and services. For example, to make purchases with bitcoins, you must exchange them for rubles. These provisions will certainly not fully satisfy the supporters of digital solutions, but it is certainly an important step towards their dissemination and legal use.