Russian Bank To Launch Its Own Stablecoin

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stablecoin (Courtesy: Medium)
stablecoin (Courtesy: Medium)

Days after Russian president Vladimir Putin signed new deal to make cryptocurrency legal in the country, the largest bank in the country has considered to launch its own stablecoin. Sberban is a state-owned bank, which is considering to take the new move in the country.

Sergey Popov, the Director of the transaction business at Sberbank, said that the stablecoin could be pegged 1:1 to the Russian ruble. It could be further used for settlements involving other digital financial assets.

“We 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,” the bank executive said.

Meanwhile, the new bill signed by Vladimir Putin the new bill into law on July 31. It will come into existence only by next year. First initiated in 2018, the DFA law reportedly legalizes crypto-to-crypto exchanges, buying and selling, as well as loans in crypto.

The largest bank in Russia, willing to star stablecoin, is basically known for its crypto-related initiative.