With the new legislation on digital assets coming into force in a month, Russian financial institutions want to act.
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With the entry into force of a new law in Russia The country’s largest bank is planning a new blockchain-based trading platform as well as a native token.
According to a report by Russian business news broadcaster RBC on Monday Sberbank plans to reach the world of cryptocurrencies in 2021 when a new law “On Digital Financial Assets” (DFA) goes into effect.
The news came from Herman Gref, CEO and President of Sberbank. With more than 96 million customers, the State Bank is the largest bank in Russia.
A few months ago it was speculated that Sberbank wanted to issue its own stablecoin. The EDA law prohibits a number of activities with cryptocurrencies, but in particular seems to have no problem with ruble-backed stablecoins, which may have something to do with the nation’s central bank to Look to digitize your currency.