Russuan bank Sberbank plans to release its own digital currency Sbercoin

Russia’s largest bank is planning a launch of a new blockchain trading platform and a native token Sberbcoin.

Russian business news outlet RBC reported on Monday that Sberbank plans to release its digital currency Sberbcoin in 2021 around the same time as the Russian Central Bank prepares the launch of the digital ruble.

Sberbank has teamed up with JP Morgan to first launch the digital currency. Thew digital asset will serve as an experiment about crypto issuance. Not a lot of details have been released about the new launch yet, only an indefinite timeframe of launching next year.

Alongside the new digital token, RBC, had already reported that the lending giant is also planning launching a new trading platform which will allow its user to buy digital financial assets.

Sberbank Russia

The lending giant has proposed to make to make all non-cash Rubles digital, developing its own model for the issuance and circulation of the digital Ruble.

The country’s Central Bank had proposed a draft on the issuance of digital Rubles, considering it a third form of money. However, Sberbbank’s proposal differs from the Central Bank’s vision.

Sberbank wants each digital Ruble to have a tracking number, settling payments only through smart contracts. This may solve the fund misappropriation problems around the digital Ruble. This way commercial banks will be capable of maintaining an account for all the non-cash digital currencies.

Sberbank chairman Anatoly Popov noted:

Anatoly Popov, Sberbank

Anatoly Popov

We propose to give an opportunity to tokenize all non-cash rubles according to the uniform rules established by the Central Bank.

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