SberBank received a cryptocurrency license from the Bank of Russia

The legal entities will be able to issue and sell digital financial assets on Sber’s blockchain platform

18.03.2022 - 08:15

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What’s new? The Bank of Russia has included SberBank in the register of information system operators on the management of digital financial assets (DFAs). Sber is now licensed to issue and exchange cryptocurrencies on its blockchain platform. According to Sergey Popov, director of the Transaction Business Division of SberBank, the move should cushion the impact of Western sanctions on the Russian economy.

The Bank of Russia’s updated register

How will the license be implemented? Popov stated that the record and issuance of DFAs will take place in an information system based on distributed ledger technology. SberBank introduced its blockchain back in September 2021, but without a license from the Central Bank, it could not be launched. Popov added:

“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, realizing 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.”

How do sanctions affect Russia? A bill has already been introduced in the US Congress that will block Russians on the US crypto exchanges. Also, the UK government has obliged companies associated with digital assets to comply with all restrictions against the Russian Federation. Russian banks will begin to monitor the withdrawal of cryptocurrency abroad to support retaliatory sanctions.

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