Sberbank considers introducing stablecoin after new crypto law

Thursday 6 August 2020 12:30 CET | News

Russia-based Sberbank has announced plans regarding stablecoin, which are digital currencies backed by real-world assets, major fiat currencies, or commodities such as gold.

The institution is considering issuing its own stablecoin which might be pegged 1-to-1 to the Russian ruble. If launched, the bank’s stablecoin would comply with Russia’s recently introduced cryptocurrency law called ‘On Digital Financial Assets’ (DFA). The stablecoin, which is still under consideration, might be used for settlements that involve other digital or virtual financial assets.

The new legislation will legalise crypto-to-crypto trading platforms and will also permit purchasing and selling cryptos. People will also be able to use cryptos for loans. The new legal framework for digital assets aims to differentiate between digital securities and digital currencies. The statute, Federal Law No. 259-FZ, is referred to as ‘On Digital Financial Assets, Digital Currency, and Amendments into Certain Statutes of the Russian Federation’.

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Keywords: Sberbank, stablecoin, crypto law, crypto, Russia, digital currencies, fiat currencies, commodities, Gold, cryptocurrency, On Digital Financial Assets, DFA, crypto-to-crypto trading platform, loans, digital securities
Categories: DeFi & Crypto & Web3
Countries: Russian Federation
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DeFi & Crypto & Web3