Sberbank may launch its token – Sbercoin in 2021

Sberbank’s management is considering options for launching its own digital currency. The head of the largest Russian state bank German Gref said this at Investor Day at the beginning of the week.

The token will be called “Sbercoin”, its trials may begin as early as 2021.

Sberbank will follow the example of JP Morgan

Thus, Sberbank is ready to follow the example of other large financial institutions, which previously also initiated the launch of their virtual coins. For example, the giant JP Morgan last year announced the release of the JPM Coin token for settlements with counterparties.

German Gref recalled that the Bank of Russia is also considering the possibility of creating an innovative instrument (crypto-ruble).

Sberbank has long been interested in the blockchain industry and even participates in some projects based on decentralized technologies. This giant already has its own developments, so testing of the coin can start before the end of next year, the TASS agency quoted Gref as saying.

Recall that in Russia from January 2021, a law on so-called digital assets will come into force. Cryptocurrencies will be legalized in our country, but the authorities will prohibit their use when paying for goods and services.

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