Sberbank Expects to Register its Blockchain Platform in The Next Two Weeks

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The largest bank in Russia – Sberbank – plans to register its blockchain platform with the Bank of Russia by mid-September. The financial institution has also started creating functionality for issuing digital financial assets (DFA) of third parties.

Sberbank’s Next Crypto Move

According to a recent report by the Russian media TASS, the local banking giant – Sberbank – is on its way to register a blockchain-based platform for issuing digital assets with Russia’s central bank.

Anatoly Popov – Deputy Chairman of the Board of Sberbank – stated that the initiative should be completed by mid-September. He added that Sber has already started to create functionality for the issue of DFA by third parties. This option should be ready for customers by the end of 2021:

“We want the work on registration of the platform for the issue of DFA to be completed no later than the first half of September. So far, we only plan to issue and turnover of the bank’s own DFA, but have already begun to create functionality for the issue of CFA by third parties and expect that our clients will be able to use this opportunity later this year.”

Anatoly Popov, Source: Sberbank

The top executive added that Sberbank and the Bank of Russia are actively discussing the requirements, which the new product needs to cover:

“Based on the results of the last check of the platform, we received minor comments, which we eliminated, and sent an updated petition to the Bank of Russia.”

Seeking Approval from The Central Bank

As Hedgewane reported at the beginning of the year, Sber also sought approval from the nation’s central bank to create its own cryptocurrency through a blockchain platform. Back then, Popov said that the main goal is to launch the digital asset in the spring of 2021:

“Sberbank filed an application with the Bank of Russia to register its blockchain platform in early January since digital financial assets in accordance with the law can be issued on a registered platform.”

The Deputy Chairman further explained that the bank had already tested the blockchain technology and “saw that this solution works.”

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