The bank said that DFAs issued on its digital assets platform will be recorded and circulated through an information system based on distributed ledger technology that ensures data security and makes data immutable
Russia’s Sberbank gets licence to issue, exchange digital financial assets. (Credit: WorldSpectrum from Pixabay)
Russian majority state-owned lender Sberbank has received a licence from the Central Bank of the Russian Federation to issue and exchange digital financial assets (DFA).
The bank said that DFAs issued on its digital assets platform will be recorded and circulated through an information system based on distributed ledger technology that ensures data security and makes data immutable.
Russian central bank’s approval comes after Ukrainian President Volodymyr Zelenskyy signed the bill to legalise cryptocurrencies earlier this week. The bill will facilitate foreign and Ukrainian cryptocurrency exchanges to operate legally and enable banks to open accounts for crypto companies.
Russian central bank said firms will be able to issue their own DFAs proving the cash requirements, acquire DFAs issued through the Sber information system, and make other DFA transactions under Russian laws.
Sberbank transaction business division director Sergey Popov said: “Companies will be able to make their first transaction on our blockchain platform one month from now.
“We are just starting our work with digital assets, realising that further development requires adaptation of the current regulatory framework. To do that, we are ready to work closely with the regulator and executive bodies.”
Earlier this month, Sberbank said it is quitting from almost all European markets, due to large-scale cash outflows, and threats after sanctions against Russia’s invasion of Ukraine.