Russia’s Largest Bank Plans For Blockchain Trading Platform And Crypto Token

Russia’s largest bank plans for blockchain trading platform and crypto token. With a new law coming into force in Russia, the country’s largest bank is preparing a new blockchain trading platform as well as a native token.

According to a Monday report from Russian business news outlet RBC, Sberbank is planning to jump into crypto in 2021 when a new law “On Digital Financial Assets,” or DFA, is set to come into effect.

The news came from Herman Gref, the CEO and chairman of Sberbank. With more than 96 million clients, the state-owned bank is the largest bank in Russia.

A few months ago, there was talk that Sberbank was looking to issue its own stablecoin. The DFA Act forbids a variety of crypto practises, but in particular, it does not seem to be challenging stablecoins backed by a ruble—which may have anything to do with the nation’s central bank looking to digitise its currency as well.

[image: Nikita Karimov]

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