Russian Bank Sber to Complete its First Digital Currency Deal 

Key Takeaways: 

  • Two banks of Russia are preparing to gain registration for DFA. 
  • The country is showing a positive attitude towards acceptance of advanced technology. 

Russia has always been in doubt whenever it has come to accept virtual currencies as a method of payment. Recently, the parliament of the country stated that it would be illegal to use “digital financial assets” (DFA) as a means to pay for goods and services. 

However, on June 15, the Deputy Chairman of the Management Board of Sber, a bank in Russia, Anatoly Popov announced that in the spring the financial institution was included in the register of information system operators. Therefore, the issuance of digital financial assets is underway.  

This is a milestone for the Sber Bank as it has already gone through registration delays as the stablecoin was initially expected to be launched by spring 2021. Though there is no such mention of the blockchain on the bank’s platform, Popov stated, “We are watching the development of new technologies, including in the field of distributed registries, we are studying how blockchain technologies are developing. Currently, there are many projects using them, and in Sber, of course, too. In the spring, we were included in the register of information system operators in which digital financial assets are issued. Our platform has already passed acceptance tests, and the first transaction will take place within a month.” 

Along with this, another bank of Russia, VTB announced its plans for testing the purchase of digital financial assets (DFA) for digital rubles this September. A board member of the institution told the media that they have plans to start testing new technology and ways of its implementation in the simplest and most transparent process of buying the national currency.  

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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