Russia’s largest bank struggles to register its digital asset platform

[waybesuricata]

Sber, Russia’s largest bank, is apparently struggling to obtain regulatory approval for its digital asset issuance platform as the company continues delaying registration plans.

Sber CEO Herman Gref announced Tuesday that the bank now expects its digital asset issuance platform to have been registered with the Bank of Russia by the end of 2021, local news agency Prime reported.

“We are in constant contact with the central bank, and we are discussing various issues. We really want to believe that the platform will be registered by the end of this year,” Gref said.

The new comments come almost a year after Sber initially filed an application with the Bank of Russia to launch a blockchain platform for its Sbercoin stablecoin in January 2021. At the time, Sber director of transactions Sergey Popov said that the registration procedure usually takes no longer than 45 days. As such, the bank had b expecting to launch its platform and the stablecoin by spring 2021.

While unable to move forward with the plans by the fall, Sber then said that it was planning to register its digital asset issuance platform in September.

Sber did not respond to Cointelegraph’s requests for comment on the matter.


Source and continuation of news:  https://cointelegraph.com/news/russia-s-largest-bank-struggles-to-register-its-digital-asset-platform

[codehash]

I can't imagine banks and cryptocurrencies in the same place. This is very difficult for me. I do not trust them. I don't trust regulator services. I do not trust brokerage services. I'm afraid they will want to take control of cryptocurrencies. I have concerns. I am not wrong. They are not very reliable.

[Alcor]

Sberbank of Russia just wants to register its CBDC, the digitized ruble, the country's central bank stablecoin. It's not even cryptocurrency. And then we see what obstacles are being created for this bank. It's all about the current government of Russia, headed by Putin. When it leaves, then in this country there will be an opportunity and another chance to change the attitude towards cryptocurrency to a more benevolent one.

[Freemind]

I personally believe that the Russian government has chosen one of the worst times to register its CBDC. Problems at the border with Ukraine and possible sanctions from many countries in the European Union and the United States will make it difficult for the product to gain popularity. It all depends on what the government does on the border with Ukraine, if it makes a mistake the sanctions could collapse the Russian economy.