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Author Topic: Major Russian Bank Sberbank Files Application to Launch Its Own Stablecoin.  (Read 8565 times)

Offline Senin

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Re: Major Russian Bank Sberbank Files Application to Launch Its Own Stablecoin.
« Reply #15 on: December 05, 2022, 09:08:48 PM »
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.

Quote
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.

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Re: Major Russian Bank Sberbank Files Application to Launch Its Own Stablecoin.
« Reply #15 on: December 05, 2022, 09:08:48 PM »

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