The Central Bank of Russia changed its mind. While two weeks ago they asked for prohibiting crypto, Sberbank was recently granted a license for operating.
“Inclusion in the registry allows companies to issue digital financial assets and exchange them between users within their platforms.”
Sberbank’s blockchain platform is based on a distributed ledger technology, which can, theoretically, protect against information tampering. Legal entities on Sberbank will soon be able to issue digital financial statements certifying monetary claims, acquire digital assets allocated in Sberbank’s system and conduct crypto transactions.
“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.” As a state-owned bank, Sberbank has been targeted by sanctions, such as those imposed by the United States Treasury, since the start of the Russia–Ukraine War. Earlier this month, Sberbank exited almost all European markets due to sanctions imposed by the European Union. Simultaneously, its foreign depository shares haveby over 99% on the London Stock Exchange, with trading halted and its last quoted price being $0.05 apiece.
The devastating sanctions imposed on Sberbank alongside the CBR’s apparent policy reversal on crypto have led to speculation that digital currencies may represent a “lifeline” for the troubled bank. However,
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