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Sberbank, one of Russia's biggest banks, now plans to let individuals issue their NFTs on its blockchain network. The banking institution also intends to collaborate with national art websites and galleries. According to Sberbank's Deputy Chairman Anatoly Popov, a feature allowing users to issue their non-fungible tokens should be available on the blockchain platform in the fourth quarter of the year. Popov announced the Eastern Economic Forum in Vladivostok. The senior executive further stated that the prominent Russian bank intended to collaborate on initiatives with museums, galleries, and sporting groups for NFT releases associated with games and competitions.
Sberbank Develops Blockchain Platform
The largest bank in Russia by assets, Sberbank, developed its blockchain platform after being given permission by the Central Bank of Russia in March of this year. Only legal entities are currently allowed to use the forum. However, private individuals will be given access and permitted to issue, purchase, and sell digital financial assets (DFAs) in the last quarter of 2022. A few months later, businesses were allowed to issue DFAs certifying financial claims, buy assets allocated on the platform, and engage in other transactions as Russian law permitted. In January 2021, the "On Digital Financial Assets" law became effective. By the end of this year, the Moscow Exchange plans to list DFAs.
Cryptocurrencies - Not Entirely Regulated In Russia
Since the current legal framework only really applies to coins having an issuer, Russia has not yet fully regulated cryptocurrencies. In the upcoming months, the State Duma, the lower house of parliament, will review a new law titled "On Digital Currency." According to most government institutions, the Russian ruble should continue to be the only legal tender in the nation. Still, there have been growing calls to allow decentralized digital currencies in international trade.