Blockzeit
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Bitcoin News
sberbank

sberbank

Russia’s Central Bank Makes U-Turn, Grants Sberbank License to Exchange Digital Assets 

Tom Nyarunda by Tom Nyarunda
March 21, 2022
in Bitcoin News
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

The approval comes only two weeks after the Central Bank of Russia differed with the government and advocated for a total ban on cryptocurrency trading and mining. 

The Bank of Russia has given primary lender Sberbank a license to issue and exchange digital finance assets. According to a recent press release by Sberbank, the move is expected to open new opportunities for the bank as it seeks to blunt the effects of sanctions by Western nations. The decision comes only two weeks after the Central Bank reiterated its position banning the issuance, mining, and circulation of cryptocurrencies in Russia. According to the report, the banks stated: 

“Inclusion in the registry allows companies to issue digital financial assets and exchange them between users within their platforms.”

Sberbank has been targeted by sanctions

Sberbank, which is Russia’s largest retail bank, recently announced it was withdrawing from the European market as sanctions due to the Ukrainian invasion started hitting Russian industries while its Europe-based units were seeing cash outflows. As a state-owned bank, Sberbank has been targeted by sanctions, such as those imposed by the United States Treasury, since the Russia–Ukraine War.

The bank had in January 2022 applied for a license with Russia’s central bank to issue its digital token for corporate clients. Sberbank sought to have the digital asset available for the companies banking with it. The bank’s blockchain platform is based on distributed ledger technology, which can, theoretically, protect against information tampering.

Sberbank said it would use blockchain technology that guarantees the safety of digital transactions and would allow companies to issue their digital assets, purchase those issued within Sberbank’s system, and make other transactions.

Further development is necessary to adapt to the existing regulatory framework

According to the bank’s plan, its legal entities will soon be able to issue digital financial statements certifying monetary claims, acquire digital assets allocated in Sberbank’s system, and conduct crypto transactions. Sberbank’s director of the transactional business division Sergey Popov made the following remarks regarding the new development: 

“While we are still at the beginning of working with digital assets, we realize that further development is necessary to adapt to the existing regulatory framework. We are ready to work closely with the regulator and executive authorities regarding this direction.”

The law “On Digital Financial Assets,” which went into force in January 2021, regulated several crypto-related activities, including issuing digital coins and fundraising through tokens. However, it did not introduce rules for other critical operations with cryptocurrencies, such as their mining, trading, and circulation in the Russian economy.

A working group at the State Duma, the lower house of parliament, has been preparing proposals to address the regulatory gaps. In February, the Ministry of Finance submitted a new draft law, “On Digital Currency,” which aims to legalize crypto investments and cement a ban on the use of cryptocurrencies for payments in Russia.

1a49ddd7 d169 48a0 a252 3fc3a2ad01bb 1
Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Previous Post

BAYC Price Rockets After Release of ApeCoin

Next Post

Malaysian Communications Ministry Proposes Legal Tender of Cryptocurrency

Related Posts

Chase Bank

Chase Bank To Decline Bitcoin and Crypto-Related Payments For Its U.K. Customers

by Vincent Munene
September 27, 2023
0

Chase Bank has announced plans to halt Bitcoin and other cryptocurrency-related payments for its UK clientele. While this step is...

Bitcoin

Michael Saylor’s MicroStrategy Adds $147M Worth Of Bitcoin In Its Treasury

by Giancarlo
September 25, 2023
0

MicroStrategy, led by CEO Michael Saylor, has once again reaffirmed its unwavering faith in Bitcoin (BTC). The software company just...

Bitcoin price

Market Wrap: Bitcoin Broke $27,000 As The Fed Maintains Steady Interest Rates

by Vincent Munene
September 22, 2023
0

In a stunning display of growth, Bitcoin (BTC) has once again surpassed market predictions by breaking the $27,000 barrier. This...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

Find the next Crypto Gem on KuCoin copy

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • AI
  • Bitcoin News
  • Blockchain Terms
  • Business
  • Buy Cardano
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Claim your €10 Bitvavo Welcome Bonus

Sign Up Now
No Result
View All Result
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.

Subscribe Our Newsletter

Signup & Get Latest Update on Crypto