Sberbank Plans To Issue Stablecoin Pegged To The Russian Ruble

Sberbank, the largest bank in Russia, is launching a platform based on Hyperledger Fabric blockchain technology and is preparing to launch its own ruble-pegged stablecoin.

According to Anatoly POPOV, Deputy Chairman of Sberbank, the bank plans to launch its own stablecoin pegged to the ruble price, which can be used to purchase digital assets. However, there is no specific plan for stablecoin at the moment, as the bank expects the entry into force of the new law on digital assets in January 2021, after which a final decision will be made. Recall that on July 31, Russian President Vladimir PUTIN signed the first of two bills on digital assets.

According to Sberbank, the system will be open, so any firm can join and create its own node. Stablecoin will become a logical component of the blockchain platform for faster payments and settlements. The bank plans to launch the platform in the third quarter of this year.

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