Categories: Altcoin Altcoin News News Stablecoin News

Largest Russian Bank “Sber” to Pilot Digital Currency SberCoin by 2021

Sber, the largest Russian bank has revealed its plans of working towards developing their own digital currency back in August, now the CEO of the bank Herman Gref has confirmed that they have chosen JP Morgan as their technology partner. Sber boasts of over 100 million customers and recently even dropped bank from its name to fit to project itself as a fintech company. The reason behind choosing JP Morgan could be their experience in developing private stablecoin in the form of JPM Coin, their own banking digital currency.

The stablecoin would be known as SberCoin and expected to start as a trial next year, however, Gref did not confirm whether the pilot would go beyond the sandbox phase. Looking at the growing demand for similar digital stablecoins around the globe, the pilot project has a good chance of turning into a full-fledged private banking stablecoin quite similar to the JPM coin. The fact that Sber has also confirmed their own blockchain platform built on top of Hyperledger Fabric makes it highly unlikely that it would go further than the pilot phase.

SberCoin To Launch Post New Russian Crypto Laws Come Into Effect

If SberCoin manages to get past the pilot phase, it would be one of the first stablecoin to get issued under the new Russian cryptocurrency law known as Digital Financial Assets (DFA) which would come into effect from January 2021. The new crypto law recognizes crypto legally however it cannot be as a mode of payment, which means crypto-to-crypto trading is legal as well as buying and selling of cryptocurrencies.

The central bank had earlier drafted a set of frameworks for issuing stablecoins as well, and Sber says it would not just follow those guidelines but also put a tracking number on each of their digital coins to allow them to maintain non-cash digital currencies.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Share

Recent Posts

  • Bitcoin News
  • News

BTC Hashrate Drops to Lowest in 2021, North America All Set to Become New Crypto Mining Hub

China's crackdown on crypto does not seem to end. In a fresh report today Sichuan…

11 hours ago
  • Bitcoin News
  • News

Just-In: Goldman Sachs Becomes First Major US Bank to Trade Bitcoin Futures

As reporter by CNBC sources Goldman Sachs has started trading Bitcoin Futures in partnership with…

13 hours ago
  • Press Release

Binamon’s Monster Metaverse Tops ERC-721 Transactions on Binance Smart Chain

19th June 2021, Tallinn, Estonia: Gamers can enjoy fighting their unique virtual creatures leveraging Binance…

15 hours ago
  • NFT News

Binamon Completed its first Seed and Presale Rounds

Binamon recently finalized its seed and presale rounds, which raised a total of $1.4M. Since…

15 hours ago
  • Altcoin News
  • News
  • NFT News

OpenSea to Permit NFT Creators to Decentralize their Metadata Using IPFS

Decentralized Non-Fungible Token (NFT) marketplace, OpenSea has announced the boost to its provisions for its…

16 hours ago
  • Bitcoin News
  • News

Just-In: Spain’s Banking Giant BBVA Launches Bitcoin Trading Service in Switzerland

The Switzerland arm of BBVA, a Spanish banking giant has launched Bitcoin trading and custody…

16 hours ago