Russia’s Sberbank may launch crypto in 2021, partners with JP Morgan

The center-based skyscrapers in Moscow, Russia.
Updated: 08 Jan, 2021
2 mins read

Russian lender Sberbank may issue its cryptocurrency by next year. According to the bank’s CEO Herman Gref, the lender is partnering with JP Morgan to carry out a crypto experimental project. 

Gref did not reveal more details about the crypto project with JP Morgan. Notably, Russia’s Prime Minister Mikhali Mishustin admits that there is a constant interest in cryptocurrencies.

The premier notes that there are plans by the government to directly manage the sector by enacting relevant legislations. According to Mishustin, there are plans to change the tax code, as well as to consolidate the recognition of digital financial assets like property.

Gref added that Sberbank has plans to promote accessibility to the class through its hyperledger blockchain platform. The plan comes after Russia passed the “On digital financial assets” law.

New law to spur crypto sector growth

The hyperledger blockchain platform is designed for trading finance transactions, including exchanging letters of credit. According to Herman:

“From January 1st, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.”

Sberbank currently is a major shareholder in several electronic payments, online retail, and delivery companies. If widely adopted, the potential of the blockchain platform will be unlimited.

Recently, Sberbank unveiled a cloud service that enables businesses to sign payment documents digitally.

As previously reported by Finbold.com, on October 13, the central bank of Russia has issued a consultation paper on a digital ruble. The paper appeared while Russia’s parliament aims to make the final clarifications to the blockchain and crypto assets regulation in the country.

Additionally, recently Russia’s telecom sector has flagged the popular crypto exchange’s Binance domain as a prohibited website. The regulator, Roskomnadzor, back then noted that Binance was flagged due to inefficiencies in the distribution of data related to the acquisition of digital currencies like Bitcoin.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.