Russia’s Sberbank Seeks to Create Its Own Digital Asset Next Year

One of Russia’s largest banks – known as Sberbank – says that it’s potentially looking to issue its own cryptocurrency sometime next year.

Sberbank Is Joining the Crypto Bandwagon

The coin – which would be known as Sbercoin – will be issued directly by the financial institution as part an experiment through its recent partnership with JPMorgan, which in the past, has also taken the liberty of issuing a cryptocurrency all its own known as JPM Coin. Many banks and financial enterprises throughout the world have sought to release their own cryptocurrencies in recent months following news that China is issuing digital versions of the yuan, its native currency.

Herman Gref – CEO of the Russian banking group presiding over Sberbank – says that the cryptocurrency will likely be issued after January 1. He says that on this day, Russia is set to integrate a new digital currency law that will permit regulators to oversee crypto activity. This is positive in that it will prevent the government from outlawing them completely, which is a path Russia has sought in prior months. Read More

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