With a new law coming into effect in Russia, the country’s largest bank is planning a new blockchain platform for to allow its users purchase digital financial assets.
According to a Russian business news outlet, RBC, Sberbank plans to begin experimenting with Sbercoin in 2021 when the “Digital Financial Assets” law will take effect.
The law gives a definition to digital currency, stating that it “is recognized as an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments,” Russian news agency TASS noted after the signing of the Bill into law in late July this year. “The digital currency cannot be used at the same time to pay for any goods and services.”
Russian banks and exchanges can become exchange operators of digital financial assets provided that they register with the central bank, the Bank of Russia.