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Russia’s Sberbank Completes First Digital Asset Transaction

Russia’s largest bank, Sberbank launched its own blockchain and executed its first digital asset transaction.

By Staff

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Russia’s dominant lender Sberbank recently stated that it had carried out the first digital financial asset transaction on its own platform, with its subsidiary SberFactoring executing a 1-billion rouble ($16 million) transaction. This has happened after the bank received the trade Digital Financial Assets (DFAs) license in March of this year.

The Bank of Russia has long voiced skepticism over cryptocurrencies, but is more open to other digital assets and gave blockchain platform, Atomyze Russia, the first license to exchange digital assets.

The first transaction will occur within a month, according to Anatoly Popov, Deputy Chairman of the bank board, who announced this action. He revealed this in an interview with the state-backed media outlet TASS last month.

With the license, Sberbank assured users of its use of blockchain technology and smart contracts to trade digital assets.

Russia continues to monitor cryptocurrency transactions in the meantime because rules will likely soon be implemented by the Government.

However, there have been mixed signals from the country about the legal status of cryptocurrencies.

A Russian lawmaker Anatoly Aksakov recently said the country’s largest stock exchange, the Moscow Exchange (MOEX), has the potential of hosting a regulated crypto exchange.

In his words, “that division -which will work as part of a respected organization with great traditions and highly engaged in actively interacting with the central bank – will do an excellent job with the task of handling cryptocurrency operations.”

This is the polar opposite of what the Russian central bank has been saying about crypto. 

The bank’s Governor, Elvira Nabiullina said, “Cryptocurrencies should not be traded on organized market places because these assets are too volatile, too risky for potential investors.”

In the meantime, the US is pressuring Japan to close Russian-linked cryptocurrency exchanges in an effort to further isolate Russia’s economy. Russia has faced increased sanctions because of its invasion of Ukraine.


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