Russia’s Largest Bank May Issue Its Own Stablecoin

2020-8-5 18:59

On the heels of new crypto legislation, Russia’s largest (and state-owned) bank is considering launching its own stablecoin to simplify blockchain transactions.

A Stable Ruble

Sergei Popov, director of Sberbank’s Transactions Business department, has raised the possibility of the issuance of digital tokens. He believes it would be in the bank’s interest to have a digital coin to settle accounts in the future.

Only a few days earlier, new legislation regulating digital financial assets in the Russian Federation was ratified. President Vladimir Putin signed a law that will allow for regulated crypto business beginning in 2021.

“Based on this new law, we can probably launch a token which will be pegged to the ruble,”

Popov told Russian business news site Prime. He added :

“A stablecoin like this could become the basis of a tool we will use for doing business with of other kinds of digital assets.”

According to the new law, digital assets will include certain kinds of digital money and newly issued securities. These assets may be used as capital in private companies or traded for securities. This new law distinguishes digital assets from digital currency, which is prohibited as a means of payment in Russia.

Meanwhile, digital assets will be traded by banks and exchanges. Though crypto and blockchain will be involved, these trades may remain somewhat centralized. Those entities must register with Russia’s central bank. The Bank of Russia will also define what qualifies as a digital security.

Russia’s president Vladimir Putin, signed Russia’s Digital Financial Assets (DFA) bill into law on July 31. Sberbank has apparently been waiting for the bill since 2018. Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its pic.twitter.com/ropQEuJzEk

— BRIAN COHEN CRYPTOCURRENCY INVESTMENT (@Brian_Cohen2) August 5, 2020

Likewise, the Bank of Russia reserves the right to determine who is a qualified investor and who is free to acquire these digital securities. They may also choose who doesn’t qualify. Such investors may only participate in these companies in limited amounts.

Crypto ATMs in Russia

Sberbank has been quick to adopt blockchain technology. In November of last year, the bank obtained a patent for Repurchase Agreements (repo deals) using distributed ledger technology.

This technology, they claim, would automate these agreements in a decentralized manner using smart contracts. Earlier this year, BeInCrypto Russia reported that Sberbank purchased 5,000 blockchain-capable ATMs for $22,000 each.

Herman Gref, CEO of Sberbank, also told a Russian TV station that he purchased t-shirts with bitcoin when the price was between $1-$5. Russia’s foray into digital assets may be a litmus test for the use of crypto in a large economy.

The post Russia’s Largest Bank May Issue Its Own Stablecoin appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.002414 (-100%)

stablecoin largest russia own transactions bank popov

stablecoin largest → Результатов: 126


Фото:

Cryptocurrency Exchange CEX.IO Adds New USDT/GBP Trading Pair

LONDON, the United Kingdom – CEX. IO, one of the largest international exchanges on the cryptocurrency market, announces support for a new USDT/GBP trading pair on its exchange platform. As a result and amid rising interest in the stablecoin on the cryptocurrency exchange platform, UK citizens can now use their national fiat currency to purchase USDT […] The post Cryptocurrency Exchange CEX.

2020-7-29 14:55


Tether (USDt) Surpasses US$100 million on Compound as World’s Most Liquid Stablecoin Drives DeFi Growth

ROAD TOWN, British Virgin Islands, June 19, 2020 — Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, and Compound, a decentralized lending market, are spearheading growth in the nascent decentralized finance (DeFi) space as USDT volume on the platform has surged above US$100 million. USDT has grown faster than all rival […]

2020-6-19 16:54


Фото:

This Fractal Pattern Puts XRP at Grave Risk of Seeing Massive Downside

XRP has been largely hovering around the $0.20 region in recent times, failing to garner any decisive momentum as the aggregated market stalls The crypto’s lack of growth in recent times has led it to surrender its spot as the third largest digital asset to stablecoin Tether (USDT) One analyst is now pointing to a grim fractal pattern that shows the cryptocurrency could be at grave risk of seeing a massive downside movement in the […]

2020-5-22 23:00


Is stablecoin growth accelerating call for hyperbitcoinization in the market?

The 12 March market crash resulted in stablecoins surging, both in terms of supply and market share. The world's largest stablecoin by market cap, Tether (USDT), has maintained its 4th position on CoiThe post Is stablecoin growth accelerating call for hyperbitcoinization in the market? appeared first on AMBCrypto.

2020-4-25 15:30


Tether blockchain integrates AML compliance solution from Chainalysis

Chainalysis, the blockchain analysis company, today announced the integration of its compliance solution for Tether, the largest stablecoin blockchain platform by market capitalization. Chainalysis Know Your Transaction (KYT) for token issuers is a real-time anti-money laundering (AML) compliance solution for monitoring a token’s full lifecycle, from issuance to redemption.

2020-2-13 15:05


Binance Positions Its Project Venus Stablecoin As Government-Friendly Libra Competitor

Binance, one of the largest crypto exchanges in the world, is marketing its new stablecoin Venus as an alternative to Libra that can be really friendly to governments. The project was revealed last month, when the CEO of Binance, Changpeng Zhao, affirmed that the company would be creating several stablecoins around the world. Now, the […]

2019-9-18 20:58


Фото:

Wells Fargo To Launch Stablecoin Cryptocurrency in 2020

USA’s fourth-largest bank has announced it will develop its own cryptocurrency for international transfers in 2020.   United States’ 3rd Largest Bank Reveals Wells Fargo Coin In a press release on September 17, Wells Fargo said its new remittance platform would form an international payment network based on what it describes as “distributed ledger technology” (DLT).

2019-9-17 16:32


Binance’s Venus will Face the Same Challenges as Facebook’s Libra, says Crypto Researcher

Libra to serve as a cautionary tale for Binance’s Venus The exchange is planning to launch an independent association in charge of stablecoin project Instead of Western companies, Venus’ geographic scope aligns with Beijing's infrastructure initiative Last week, the world's largest cryptocurrency exchange Binance announced its upcoming project, Venus. With that the Mata-based crypto platform […]

2019-8-31 18:23


Tether drags itself into another conundrum as stablecoin clogs up Ethereum’s network

The world’s largest altcoin’s blockchain is apparently suffering from a case of network saturation. Last week, Vitalik Buterin had stated that the Ethereum blockchain was getting full, adding that the consequences leading up to this situation would be higher transaction fees, something which may breach the affordability factor (make it expensive, basically) for some users.

2019-8-28 21:30