Russia’s Sberbank gears up to establish platform for buying 'digital financial assets': report

Russia’s largest state-owned bank, Sberbank, is reportedly set to launch a platform allowing users to purchase digital financial assets.

Herman Gref, CEO of Sberbank, said that the bank wants to promote accessibility to the new class of assets through its own blockchain platform, according to the Russian news site RBC. The move appears to be tied to Russia's recent approval of legislation that cleared the way for the development of digital securities, as previously reported. 


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That same piece of legislation, signed into law by Russian president Vladimir Putin, notably included provisions aimed at prohibiting the use of cryptocurrencies as a means of payment starting next year. The law will go into effect in January.

Sberbank previously highlighted plans to launch a so-called Sbercoin, which will be pegged to the ruble and primarily used for digital financial asset settlements. Sberbank plans to begin experimenting with Sbercoin in 2021, according to RBC.


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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.