Russia-based Sberbank secures license for digital assets

Using Sber’s platform, companies can issue their own digital assets to attract market investments, buy digital assets through Sber’s system, or make other digital assets transactions, the bank said in a statement. Companies will reportedly be able to make their first transaction on its blockchain platform in a month (April-May 2022).

Sberbank, a state-owned bank, is being sanctioned by the US and European Union. It holds the largest market share of savings deposits in Russia and is the main creditor of the country’s economy, according to the US Treasury, Bloomberg states. 

In February 2022, Bank of Russia and market participants began testing the digital ruble platform and conducted the first transfers in digital rubles between citizens. The central bank previously has warned that cryptocurrencies could be used for illegal activity, Bloomberg concluded.