Russian Bank Plans to Launch Their Own Cryptocurrency


December 1, 2020 11:13 am

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Sberbank, the Russian largest bank has planned to launch their own digital currency with a new law coming into effect in the country. The bank has also planned to launch a new blockchain platform for trading. 

RBC, a Russian business news outlet reported on Monday that Sberbank is considering to hop over to crypto come 2021 when a new law on Digital Financial Assets (DFA) is coming to effect. The news came from Herman Gref, the CEO and chairman of Sberbank. With over 96 million clients, the state-owned bank is the largest in Russia.

Back in 2018, Herman GrefSberbank CEO, requested the Russian government not to ban their citizens from having access to cryptocurrencies. On January 17, 2018, Herman Gref voiced his hope that cryptocurrencies will not be banned in the country.

Gref is enthusiastic towards cryptocurrencies and blockchain technology and he said that Russia will see “implementation” of the tech within the next eight to ten years and be calling digital assets “a fact of our life” in November 2017. Sberbank had also announced the pilot for a blockchain-based payment system that same month.

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