Sberbank, the biggest bank in Russia, has announced the release of its first digital asset. This $16.3 million ($1 billion) asset is backed by SberFactoring receivables that have been invoiced for three months.
Proposed transaction
The primary Russian lender, Sberbank, obtained its DFA trading permit a few months after that, and its subsidiary, SberFactoring, completed its first DFA transaction valued roughly 1 billion rubles. $ 16 million.
This action is in response to Anatoly Popov, the bank’s deputy board chairman, who stated that the first transaction would occur within a month. In an interview with TASS last month, he revealed this. All of the bank’s corporate clients will be able to access it.
- “ We observe the development of new technologies, including in the field of distributed ledgers, we study how blockchain technologies develop. Currently, there are a lot of projects using them, and in Sber, of course, too. In the spring, we were entered into the register of operators of information systems in which digital financial assets are issued. Our platform has already passed acceptance tests, and the first transaction will take place in a month ,” he said in a TASS statement .
However, because the platform is still in beta testing, it can only currently handle a small number of users. The second-largest bank in Russia, VTB, also made the first digital transaction in DFA rubles in June after declaring its plan to trade digital assets.
Russia increases its cryptocurrency innovation
Russia, which is well-known for its oil and gas resources, is interested in many elements of cryptocurrency and blockchain technology in general. For many miners, Russia can offer electricity at very competitive prices, and the Central Bank of Russia has stated that it is prepared to legalize cryptocurrency mining if miners sell tokens in Russia in the near future.
Furthermore, the Russian Ministry of Finance wants stablecoins to be made legal in Russia, despite the fact that they are the subject of numerous discussions among the various international authorities. In a similar line, Russia is creating a Sandbox for cross-border cryptocurrency payments that will likely cooperate with nations interested in its agricultural resources and raw materials.
So, using the resources of various ministries, banks, and research institutions, Russia develops projects in all fields. By doing this, the nation can create viable alternatives to the SWIFT system, from which it was removed at the beginning of the invasion of Ukraine.
The Russian economy is ready for a large-scale use of this new technology, which is why foundational institutions like Sberbank are starting to build various blockchain and cryptocurrency solutions. a likely cryptoeconomic tsunami that will undoubtedly be hotly contested.
