Bitcoin Forum

Russia’s Biggest Bank Considers Launching Its Own Stablecoin


https://cointelegraph.com/news/russias-biggest-bank-hypothesizes-its-crypto-token

I still in the grey area as far as Russia is concern, but with all the central banks around the world creating their own stable coins, perhaps Sberbank thinks is the best move for them to join the bandwagon. So it will be a Stablecoin (what else), I don't know what will be the impact as others are still in the experimental phase and we haven't heard any success on a crypto back up by government. So let's wait and see.

With so many things going on with Russia as far as crypto is concern, I think this is a bold move coming from their biggest bank. And it seems that they have been eyeing this for a long time and just waited till Putin sign the crypto law. So this is a green to me, however, the big question is how crypto supporters in Russia are going to look it. Will they also support this central bank coins, or will they still go to bitcoin and  ethereum. Perhaps if there are more applicable used of this stablecoin from Sberbank, maybe crypto enthusiast are going to support it, otherwise this will fail.

as the President of Russia Vladimir Putin already signed the law regarding crypto in their country, I think this is a good move to them.. they just need to follow certain criteria and of course, registered in Bank of Russia.

russia also banning any crypto transaction, this is a very confused country.

Russia has since taken key positions in the tech space and blockchain in particular. Most startup in 2017 through 2019 were from Russia, Although, nobody said anything about the government opposing the tech just like India did and is about to repeat but then, their quietness gave the startups from Russia the edge of working within the space and then making it official to startup a Stablecoin as a Bank can only make it better as regulatory agencies have to give approval which is also approving of the tech officially.

I do not think that it is possible, creating own money is illegal in every country. It would be different if Russian´s central bank create stable coin backed by Ruble, something like Digital Ruble, but do you think that it is possible that a private bank could create an alternative to the Ruble?

As Putin said, they are not really into digital cryptocurrency line. So this request might have been place into long due of deliberation. As much as crypto community in Russia support any possible good effect of this plan, the problem relies on their Government approved Law. I hate that among all big countries why Russia to be the anti crypto group of all Major countries.

Every country is rooting up their own digital stablecoin and I can see other countries will follow. I have a feeling that they will amend some of their strict rule on cryptocurrency. But Im not hoping, its also for the benefit of Russian crypto community so Puti must think on his next and future move.

Stablecoin supported by the central bank is the safest. but hopefully this news isn't just a rumor. If the Russian central bank is serious about developing crypto, this could be a huge advance. there will be many central banks from other countries who will follow this. and hopefully they can release the Stablecoin as soon as possible.

I think it is the new trend globally Central Banks and Commercial Banks are wanted to create its own stable coin that was back with fiat currency, so I presume that stable coins will be slowly adopted globally in the following years to come and I believe it is a good development to watch.

Its not for you though. We all have preferences. This Russian stablecoin is probably for them.  This stablecoin is for the Russians only just like the Chinese digital yuan that are just foer the Chinese.

This is still a good indicator for the adoption of blockchain in the country after all two of the most notable developers are from Russia such as Vitalik and Sasha of WAVES.

I would say that everyone should take a bag of salt everything that Russia is saying. So just because Putin sign some law will mean that Russia will be open or friendly to crypto. On the contrary this stable coins from Russian bank will just make it worst for crypto enthusiast as they can easily be track, and I will assume that there are heavy taxes levy on this one.

So I don't consider this a positive news, to be honest. There's more to it, if government or banks are going to start with their own CBDC.

No wonder why China and Russia and dominating the world in every possible sector. Mainly because they have forward looking and progressive leadership and people in the higher ranks. This was expected from Russia after China did exactly the same but in the end crypto market will also get big boost from them.

you must understand that they are not doing this in order to bring some benefit to the cryptocurrency market, but only in their own interests. this coin cannot be trusted

If Sberbank issues a token, it will be the most centralized token, and the interest in it will be minimal among citizens, because payments in Russia between bank cards are very fast, but payments between LLCs can take several days. Therefore, it can be an excellent business solution. But I myself am interested in what blockchain they will do it on.
But in Russia nothing is done quickly, it may take several years.

Yep, I read this news online earlier today on a particular website. I think it's a good development in the right direction. We should just be happy for such a step and not begin throw up conspiracy theories of how centralized or manipulative the coin will be because of the highhandedness of the Russian style of governance. Let's just be happy, at least for the sake that cryptocurrency is gaining ground and attention. Honestly, the more countries roll out their own tokens and coins the more the crypto fire catches on. Does anyone know to what length Bitcoin/crypto knowledge got into many homes while the Facebook Libra debate or the Venezuelan Petro saga lingered on? But of course, crypto awareness did spread more if anyone bothered to check stats.

It's going to be a welcome development if this is implemented or come true.  At least it will also give some boost to more crypto adoption.  But my concern is that, this will not remain just at the level of news alone but a reality. As you have rightly said, let's wait and see.

Already some banks operating around the world have come with their own cryptocurrency. Russia hasn't got one yet, and with this one Russian bank have got its own stablecoin. Sberbank being the largest bank of Russia, it is stated to be the largest centralized firm to have its own stablecoin. Maybe this gets more usage within the country than in the universal market.

This is a big big news...
China, then Rusia, i'm so happy to hear that.
now crypto currency accepted by many countries
From pizza to the moon.
I hope my country Will accept crypto too.
For now crypto only digital assets on my country.

If a bank under the state is coming up with their stable coin then it is great as i really do not trust these private stable coins and many would consider moving to these stable coins as you can trust them. Since they are just considering launching the coin hopefully the government will not deter them from launching the coin as we need a stable coin that can be trusted .

It's quite easy to find this news on the Internet and read that the bank is going to issue a stablecoin for internal settlements and interbank operations. Thus, they seek to "accelerate transactions within the ecosystem while reducing their value."

yes, I don't think this program will bring huge profits in the cryptoqurrency industry. as I know there are many companies that make their own coins for the benefit of their company. But on the other hand if Russian Banks are to release their own coins soon, at least it can attract the attention of other companies who don't know about blockchain technology yet.

Wow, many more countries are interested in creating their own cryptocurrency. Well, this is good for the development of crypto in the future. However, we can see how the influence of the crypto world of their own crypto. As long as they do not forbid the other cryptocurrencies aside their own, I think that it doesn't matter. however, can their crypto be successful? probably, as we know that many Russians are involved in the crypto world.

I think one will be right for saying that this year is filled with many positive news which in each case displays and opens up the potential of crypto while also correcting different mindsets about crypto in addition to attracting more users. Also, as a bank I am not surprised they are creating a stable coin but for the fact they are taking such step towards creating a Crypto is a proof that no organisation or platform is willing to lag behind and lose their users, thus reason even PayPal is working towards adopting crypto as well.

There are some countries that have been known right from time to be ardent supporters of cryptocurrency and blockchain technology and Russia is one of them. I knew this country would come out with something one of these days and many countries are still warming up. Perhaps when they see what Russia has done, they will be spurred into doing the same.

It is not surprising if Russia’s Bank considers launching Stablecoin. Russia is the country that has big crypto users, and they also may plan to follow China to take a big role in the crypto business. However, I am still not sure this will be true 100% as there are too many rumors about crypto from Russia which finally ends with no real realization. For me, we only can speculate about this for now.

Sberbank, one of the largest state-owned banks in this country, wants to issue a stable coin in Russia. Therefore, here we are talking, most likely, about the creation of a national stable coin, that is, a digitized ruble. Most states are now working to create national stablecoins, which are much more profitable for states to use compared to paper money. Therefore, in Russia, in any case, they will create their own digitized ruble.

As far as I know - in Russia, the real policy on cryptocurrency is very simple, namely: until the FSB allows it (and will only allow it if it sees full transparency along with passport data), no one will do anything. The head of Sberbank German Gref is already an old man and very often his similar statements about all sorts of it projects cause only another portion of laughter in his address because everyone understands everything. FSB is the king here.
I would not look at Russia as a progressive place in terms of attitude to cryptocurrencies while there is such a state of politics as it is now

Probably, they are mostly following China's footsteps and thinking that it will be a huge success. But we can really say that for certain, there could be hurdles specially if Russians are not going to patronise it sort to speak. But for now let's consider this a positive steps. I know it's a bit controversial seeing countries having their own back crypto coins. But this is the future so everyone is moving on that direction.

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Thanks to everyone who have replied, as I'm going to lock this thread to stop the spam.