Fun

Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation

News Feed - 2020-12-02 09:12:17

Russia"s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation


The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country is set to begin regulating the industry in January. Sberbank’s CEO says the bank may issue its own cryptocurrency in collaboration with JPMorgan. Sberbank’s Crypto Plans and Sbercoin


The CEO of Sberbank, Herman Gref, unveiled on Monday his bank’s plans for when the country’s upcoming crypto regulation takes effect.


Gref explained that the law “On digital financial assets” will enter into force in Russia on Jan. 1. It provides a legal definition for digital assets and legitimizes cryptocurrency in Russia. A separate bill, “On digital currency,” which is still under consideration by the Duma, will provide a regulatory framework for cryptocurrency. Gref was quoted as saying: From January 1, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.


In addition, Reuters reported Tuesday that Sberbank is considering issuing its own cryptocurrency called “sbercoin” and may team up with JPMorgan to work on the project next year. JPMorgan recently launched the JPM Coin. Gref explained that Sberbank will work on its cryptocurrency at the same time as the Bank of Russia works on a central bank digital currency (CBDC), the digital ruble.




Sberbank is the largest bank in Russia, Central and Eastern Europe. Its Russian network features 11 regional banks with 14,200 branches in 83 regions. The bank has a worldwide presence in 18 countries. The Russian Federation represented by the Ministry of Finance “owns 50% plus one voting stake in Sberbank’s authorized capital (or 52.23% of all voting Sberbank shares),” the bank’s website details.


What do you think about Sberbank’s crypto plans? Let us know in the comments section below. Coinbase Says It Brokered Microstrategy"s Influential $425 Million Bitcoin Buy EXCHANGES | 3 hours ago $20 Billion in Crypto Under Custody: Coinbase Sees "Explosion of Capital" From Institutional Investors EXCHANGES | Nov 22, 2020 Tags in this story buy crypto, sberbank bitcoin, sberbank coin, sberbank crypto, sberbank crypto exchange, sberbank crypto platform, sberbank cryptocurrency, sberbank jpmorgan, sbercoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ana Paula Pereira13 hours agoCanada’s court deem emoji valid as a contract agreement: ReportThe case sought to determine whether a Canadian farmer had agreed to sell tons of flax to a grain buyer in 2021 by replying wi
French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud
French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud On Tuesday, French officials conducted raids on five major banks located in and around P
Uzbekistan Presents Registration Requirements for Cryptocurrency Miners
Uzbekistan Presents Registration Requirements for Cryptocurrency Miners Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto mi
This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target
Este artículo también está disponible en español. Following an earlier prediction of the Bitcoin flash crashto $94,000, a crypto analyst has set a new target for the pion
Ethereum, Bitcoin, Cardano Are Most Popular Cryptocurrencies in Singapore, Survey Shows
Ethereum, Bitcoin, Cardano Are Most Popular Cryptocurrencies in Singapore, Survey Shows A new study shows that ethereum is the most popular cryptocurrency among
Ripple breaks ground in Japan, SBI Group to use XRPL for supply chain solutions
Gareth Jenkinson16 minutes agoRipple breaks ground in Japan, SBI Group to use XRPL for supply chain solutionsRipple has partnered with HashKey DX to introduce XRP Ledger-based blockchain solutions to the Japanese market.
Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High
Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High A few central banks have started selling tons of gold for the fi
How Tron’s upgrades are reshaping the digital economy: Report
Nick M9 hours agoHow Tron’s upgrades are reshaping the digital economy: ReportTron outperforms the altcoin market with groundbreaking developments and robust metrics. Our comprehensive report provides a closer look at
Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More
Rich Dad Poor Dad"s Robert Kiyosaki Says He"s Waiting for Bitcoin to Test $1,100 to Buy More The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he&
Colombia Issues Guide for Implementing Blockchain for Public Projects in the Country
Colombia Issues Guide for Implementing Blockchain for Public Projects in the Country The Ministry of Information Technologies and Communications of Colombia, Mintic, has issued a g
Report: Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon
Report: Morocco"s Central Bank to Unveil Crypto Regulation Bill Soon The Moroccan central bank is presently working on a cryptocurrency regulation framework bill and according to t
Derek Andersen5 hours agoCrypto Stories: eToro co-founder Yoni Assia’s life in finance led him to adopt crypto earlyYoni Assia wanted to make trading accessible to “normal” people, and Vitalik Buterin helped him de