Sberbank seeks central bank approval for blockchain platform: report

Major Russian state-owned bank Sberbank has sought approval from the country's central bank for a blockchain-based financial platform, local Russian news outlet Interfax reported on Thursday. 

According to the report, the bank has submitted an application to the Central Bank of the Russian Federation to register a blockchain platform, with plans to launch in the spring. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"Technologically, the bank is ready to work with such fiat currency, we have tested it inside and saw that this solution works," said deputy chairman of the Sberbank board, Anatoly Popov, per the report. 

According to Popov, the registration process will take 45 days. Popov also said the bank is still figuring out a so-called Sbercoin token or currency will be taxed.

About Author

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.