Shortly after Russia\u2019s president, Vladimir Putin, signed the country\u2019s recent cryptocurrency law, the country\u2019s largest bank voiced its considerations.<\/p>\n\n\n\n
Sberbank, a state-owned company and the largest<\/a> bank in Russia, is considering the possibility of issuing its own token, according to its key executives.<\/p>\n\n\n\n Sergey Popov, director of the transaction business at Sberbank, says that Russia\u2019s banking giant is thinking of issuing its own stablecoin<\/a> that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported<\/a> on Tuesday.<\/p>\n\n\n\n According to the report, the potential stablecoin could be used for settlements involving other digital financial assets. Popov reportedly noted that Sberbank would be able to issue the token in accordance with the recently passed crypto law<\/a> called \u201cOn Digital Financial Assets,\u201d or DFA. <\/p>\n\n\n\n The exec said: \u201cWe probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.\u201d<\/p>\n\n\n\n The news came soon after Russia\u2019s president, Vladimir Putin, officially signed<\/a> Russia\u2019s DFA bill into law on July 31. By signing the bill, Putin prohibited Russian residents<\/a> from making payments in cryptocurrencies like Bitcoin (BTC<\/a>) starting from Jan. 1, 2021. First initiated in 2018<\/a>, the DFA law reportedly<\/a> legalizes crypto-to-crypto exchanges, buying and selling, as well as loans in crypto.<\/p>\n\n\n\n Sberbank is known for its crypto-related initiatives. In May, Cointelegraph reported that Sberbank was spending more than $100 million<\/a> on 5,000 blockchain-enabled ATMs that are capable of mining crypto. In November 2019, Sberbank also pioneered a blockchain solution<\/a> for repurchase agreements, also known as repo.<\/p>\n\n\n\nSberbank\u2019s stablecoin would be compliant with the recently passed crypto law<\/strong><\/h2>\n\n\n\n
Russian President Putin recently signs crypto bill into law<\/strong><\/h2>\n\n\n\n
Sberbank has apparently been waiting for the bill since 2018<\/strong><\/h2>\n\n\n\n