Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Malam90 on January 30, 2021, 02:10:44 PM
-
A major Russian bank revealed an upcoming digital asset launch, which complements another of its latest crypto-related moves. Sberbank applied to register a platform to issue a token named “Sbercoin.”
Bank Expects the Stablecoin Could Launch in the Spring of 2021
During an interview with 1prime, Anatoly Popov, Sberbank’s deputy chairman, said the bank made the correspondent filings with the Central Bank of Russia (CBR) “early in January.”
The executive is hopeful that his bank’s application will be approved by the CBR, following the crypto law that came into effect in Russia on Jan. 1. Popov suggested the token would be a stablecoin pegged to the ruble:
Under the law, digital financial assets can be issued on a registered platform, and among other things, one of the possible financial assets will be a fiat coin for a ruble, and, in fact, the bank is technologically ready to issue and work with this instrument.
The bank already conducted internal tests with the token, Sberbank’s deputy chairman clarified. He added that they’re seeking “great opportunities” by adopting crypto-related technologies.
As for the expected launch date, the executive believes that Sberbank could launch the stablecoin in the spring of 2021.
But this is not the first time that Popov mentioned the possibility of launching a ruble-pegged stablecoin. In 2020, Popov and Herman Gref, Sberbank’s chairman, talked about the idea of launching a token that could become a “sentiment tool” for other digital assets. News source (https://news.bitcoin.com/major-russian-bank-sberbank-files-application-to-launch-its-own-stablecoin-possibly-pegged-to-the-fiat-ruble/)
-
In Russia, they talk too much about cryptocurrency and do little. However, it looks like things could be serious this time around. A law has been passed that regulates this activity. and the token is almost ready for use. Let them launch their stablecoin Sbercoin and we will see under what conditions it will function.
-
In Russia, they talk too much about cryptocurrency and do little. However, it looks like things could be serious this time around. A law has been passed that regulates this activity. and the token is almost ready for use. Let them launch their stablecoin Sbercoin and we will see under what conditions it will function.
We must not forget the fact that in Russia Nothing is simply done. I am sure that, first of all, there are some levers of control over cryptocurrency users in Russia. It is very rare to see something that the Russian government did for the benefit of its society.
-
In Russia, they talk too much about cryptocurrency and do little. However, it looks like things could be serious this time around. A law has been passed that regulates this activity. and the token is almost ready for use. Let them launch their stablecoin Sbercoin and we will see under what conditions it will function.
We must not forget the fact that in Russia Nothing is simply done. I am sure that, first of all, there are some levers of control over cryptocurrency users in Russia. It is very rare to see something that the Russian government did for the benefit of its society.
Yes, under Putin's regime the people of Russia have only to survive so far. The adopted law on digital assets only confused and aggravated the situation with the use of cryptocurrency in this country. However, they have to issue their stablecoin, their digitized ruble. I am only a little surprised why the initiative in this comes not from the State Bank, that is, the country's central bank, but from one of the banks, albeit the largest one.
-
In Russia, they talk too much about cryptocurrency and do little. However, it looks like things could be serious this time around. A law has been passed that regulates this activity. and the token is almost ready for use. Let them launch their stablecoin Sbercoin and we will see under what conditions it will function.
That's a positive sign that they are talking about cryptocurrency. Too many discussion ultimately brings some positive results too. I am hoping they will be able to launch their own stable coin which will help their native users a lot.
-
In Russia, they talk too much about cryptocurrency and do little. However, it looks like things could be serious this time around. A law has been passed that regulates this activity. and the token is almost ready for use. Let them launch their stablecoin Sbercoin and we will see under what conditions it will function.
We must not forget the fact that in Russia Nothing is simply done. I am sure that, first of all, there are some levers of control over cryptocurrency users in Russia. It is very rare to see something that the Russian government did for the benefit of its society.
It looks like you are right. Spring has passed, summer is also passing, and we do not hear anything about the issue of state stable coins in Russia. They always talk a lot and do little. If something needs to be banned, it is done quickly there, but creating it is a big problem.
How many years have they been talking about cryptocurrency and until now opinions are fundamentally different, and therefore a stupid law has been passed that it is possible to keep a cryptocurrency, but not to use it.
-
Sberbank is very aware of their financial future in seeking profit and this is definitely something that is very good for the Russian state to be able to get to know more about cryptocurrencies.
Even Ethereum was created by Vitalik Buterin who incidentally was born from Russia, I'm sure Sberbank also deserves this advantage because this is a good opportunity in the cryptocurrency space.
-
Good proposal from SberBank because I hope Russia has stable coins in cryptocurrencies that have the right and proper regulations to be able to enliven stable coin trading in Russia.
Russia is really an example that has a lot of cryptocurrencies and of course Russia should also be able to provide the best way for SberBank to be able to carry out its stable coins.
-
The launch of Sberbank's stablecoin pegged to the ruble was planned for this spring. However, by the end of the year, there are just over two months left, and we have not heard anything about the release of this stablecoin. It seems that these are again just another words or intentions that are not destined to come true. Most likely, there is no political will of the leaders of this country to launch such a stablecoin. For some reason I am not at all surprised. Most likely, I would be surprised if this stablecoin was actually released.
-
Russia is very open to cryptocurrencies so it is very appropriate for the Russian state to create their stable coin because according to my observations the birthplace of the founder of Ethereum also comes from Russia.
If Russia is not able to create stable coins then it is certain that later Russia will lose a lot of business opportunities because cryptocurrencies have now spread throughout the world and including in various parts of Russia.
-
Russia will be very open to cryptocurrencies because I am sure that cryptocurrencies in Russia will certainly be able to develop very quickly because almost all technology from Russia must be renewable.
There must have been a lot of stable coins from cryptocurrencies that have been created from Russia but maybe the regulation is an obstacle and this now has to be solved easily so that stable coins in Russia can be widely adopted.
-
The Central Bank of Russia (CBR) will be very open to cryptocurrencies if one day it opens the best opportunity to create stable coins for Russian Fiat currency.
Russia also has a very large cryptocurrency community and of course Russia also has the largest community in the world which allows the community for cryptocurrency to be very large.
-
Sberbank of Russia was expected to release its stablecoin in the spring of 2021. However, the spring of 2022 has already passed, and nothing is heard about this stablecoin. Surely there are other problems in the Russian Sberbank now. After all, recently the EU countries adopted the sixth package of sanctions against Russia, among which was the disconnection of Sberbank from the international payment system SWIFT.
Apparently, the Russians are only good at robbing and killing civilians in Ukraine and destroying their houses with tanks and artillery. And it’s also mean to fire missiles from ships and submarines from the Black Sea on the territory of Ukraine. However, the "second army of the world" suffers a shameful defeat in direct clashes with the Armed Forces of Ukraine.
-
Interesting. Sberbank is one of the 2-3 Russian internationally accredited bullion banks.
Bullion banks are the major actors within the international physical gold market.
The main Russian commercial bank players sourcing gold mine supply for the Russian central bank include VTB, Sberbank, Otkritie, and Gazprom Bank. For example, in 2017, Russia’s largest gold mining company Polyus, sold 90% of its gold output to just three banks, VTB, Otkritie and Sberbank, and another few percent of output to Gazprom Bank. These banks are mostly government owned or controlled and are granted licenses by the Russian government to allow them to trade gold with the central bank.
Some of these banks are also active on the international gold markets. For example, VTB, Sberbank, and Otkrikie are all members of the international board of China’s Shanghai Gold Exchange (SGE). VTB and Sberbank are also full members of the London Bullion Market Association (LBMA), while Otkritie is an LBMA associate.
Sberbank’s international gold trading activities are conducted through its investment banking subsidiary Sberbank CIB (which was formerly Troika Dialog). As well as purchasing gold from Russian gold miners which mostly goes to the central bank, Sberbank CIB sells refined gold bars to the physical gold powerhouses of China and India.
https://www.bullionstar.com/blogs/ronan-manly/russian-central-bank-buying-gold-on-the-international-market/
Given that, I think that if Sberbank are planning their own stablecoin, it will be a gold-linked one.
-
Russia will be very open to cryptocurrencies because I am sure that cryptocurrencies in Russia will certainly be able to develop very quickly because almost all technology from Russia must be renewable.
There must have been a lot of stable coins from cryptocurrencies that have been created from Russia but maybe the regulation is an obstacle and this now has to be solved easily so that stable coins in Russia can be widely adopted.
It is necessary to take into account the current realities that are happening in Russia and awaiting this country because of its failed military attack to occupy Ukraine. In my opinion, now Russia is facing more global challenges, the country may be on the eve of collapse and now there is clearly no time for cryptocurrency. Moreover, the crisis in the economy due to military spending and increasing sanctions will push the government to block all possible ways of capital flight from the country.
On November 17, a bill on cryptocurrency mining was submitted to the State Duma, which practically prohibits the circulation of cryptocurrency in the Russian Federation. And this tightening of cryptocurrencies will only continue.
-
Interesting. Sberbank is one of the 2-3 Russian internationally accredited bullion banks.
Bullion banks are the major actors within the international physical gold market.
The main Russian commercial bank players sourcing gold mine supply for the Russian central bank include VTB, Sberbank, Otkritie, and Gazprom Bank. For example, in 2017, Russia’s largest gold mining company Polyus, sold 90% of its gold output to just three banks, VTB, Otkritie and Sberbank, and another few percent of output to Gazprom Bank. These banks are mostly government owned or controlled and are granted licenses by the Russian government to allow them to trade gold with the central bank.
Some of these banks are also active on the international gold markets. For example, VTB, Sberbank, and Otkrikie are all members of the international board of China’s Shanghai Gold Exchange (SGE). VTB and Sberbank are also full members of the London Bullion Market Association (LBMA), while Otkritie is an LBMA associate.
Sberbank’s international gold trading activities are conducted through its investment banking subsidiary Sberbank CIB (which was formerly Troika Dialog). As well as purchasing gold from Russian gold miners which mostly goes to the central bank, Sberbank CIB sells refined gold bars to the physical gold powerhouses of China and India.
https://www.bullionstar.com/blogs/ronan-manly/russian-central-bank-buying-gold-on-the-international-market/
Given that, I think that if Sberbank are planning their own stablecoin, it will be a gold-linked one.
It may well be. But as a result of an ill-conceived military attack on Ukraine, Russia's gold and foreign exchange reserves are declining uncontrollably. In addition, a significant portion of such stocks, worth more than $300 billion, which Russia kept in foreign banks, is now frozen and it is likely that they can be transferred to Ukraine in exchange for the enormous damage that Russia caused the war in Ukraine. In addition, it is still unknown whether Russia will remain within its current territories after this war, which, most likely, will be losing for it. And without the oil and gas of Siberia, Russia will mean practically nothing in the international arena.