Russia’s Biggest Bank Considers Launching Its Own Stablecoin

[btc_angela]

Russia’s Biggest Bank Considers Launching Its Own Stablecoin

Shortly after Russia’s president, Vladimir Putin, signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations.

Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives.

Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday.

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.

[cryptomaniac_xxx]

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.

[WannaCry]

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.

[benthach]

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

[jpnl0006]

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.

[r32godzilla]

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?

[minairia3]

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.

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.

[aprilnot]

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.

[masterrex]

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.

[cabron]

snip

however, the big question is how crypto supporters in Russia are going to look it. Will they also support this central bank coins,

I would rather support stablecoin issued by Goldman Sachs. Seems they are very  close to making it a reality. While this  might seem somewhat strange to somebody  I prefer to  stay distant from  any Russia’s bank no matter how big it is.

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.

[Yaunfitda]

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

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.

[bttmember]

Russia’s Biggest Bank Considers Launching Its Own Stablecoin

Shortly after Russia’s president, Vladimir Putin, signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations.

Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives.

Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday.

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.

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.

[ned.ryerson]

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.

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

[zasad@]

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.

[Mpamaegbu]

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.

[Iyanu14]

Russia’s Biggest Bank Considers Launching Its Own Stablecoin

Shortly after Russia’s president, Vladimir Putin, signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations.

Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives.

Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant is thinking of issuing its own stablecoin that could be pegged one-to-one to the Russian ruble, local news agency Kommersant reported on Tuesday.

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.

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.

[AjithBtc]

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.

[50 Cent]

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.

[SaShiRaJaVu]

Russia’s Biggest Bank Considers Launching Its Own Stablecoin

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 .

[yulchatar]

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

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.

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."