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Russia's Largest Bank Sberbank Revealed Plans related to Cryptocurrency in order to follow new Regulations

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Dec, 14 2020

Dec, 14 2020

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Sberbank is a state-owned, largest bank of Russia which has allegedly revealed its plans related to crypto as the country is prepared to initiate regulation of the industry in the month of January.


According to the Herman Gref, Chief Executive Officer of Sberbank, the bank may issue its own cryptocurrency in association with JP Morgan. On Monday, the CEO disclosed the plans of the bank regarding the issue of its own cryptocurrency and from when the regulation will take place.


The CEO further explained that from January 01, the law on digital financial assets will be enforced. It furnishes a lawful definition for digital assets and also sanctioned cryptocurrency in Russia. A regulatory framework for cryptocurrency will be furnished in a separate bill on digital assets which is still under consideration by the Duma.


On Tuesday, it was reported that Sberbank is taking the issue of its own cryptocurrency into consideration known as sbercoin and is planning to collaborate with JP Morgan in order to work together on this project the very next year.


Recently, the JPM Coin was launched by JP Morgan. As Russia works on the digital ruble, a central bank digital currency (CBDC), Simultaneously, the Sberbank will work on its cryptocurrency, explained Gref.


The biggest bank of Russia, Eastern, and Central Europe is the Sberbank. The 11 regional banks with 14,200 branches in 83 regions feature Russian Network of this bank.


In the authorized capital of the Sberbank bank, more than 50% of the voting stake is owned by the Russian Federation represented by the Ministry of Finance, as per the details given on the bank's website.


Vladimir Putin, Russia President sanctioned the nation’s DFA bill on July 31, 2020. As per the bill, the residents of the country are banned from conducting transactions with cryptocurrencies like Bitcoin.


It is reported that the new law will be enforced from Jan 01, 2021. The new law will allow the purchase and sale of cryptos and will also legitimize crypto-to-crypto trading platforms.


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