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

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

Russia’s biggest bank, Sber, appears to be having difficulty obtaining regulatory approval for its digital asset-issuance platform. The company is still delaying registration plans.

Herman Gref, CEO of Sber, announced Tuesday that the bank expects its digital asset issuing platform to be registered with the Bank of Russia by 2021. Prime reported.

“We are in constant communication with the central bank and are discussing different issues. Gref stated that they are confident that the platform will be officially registered by the end this year.

These comments are almost one year since Sber first applied to the Bank of Russia for a blockchain platform to support its Sbercoin stablecoin. Sergey Popov, Sber’s director of transactions, stated that registration usually takes less than 45 days. The bank expected to launch the platform and stablecoin in spring 2021.

Sber stated that although it could not move forward with its plans by fall, it planned to register its digital asset registration platform in September.

Cointelegraph did not reach out to Sber for comment.

Related: Crypto is a hedge 46% of Russian retail investors, according to a survey

The delay in Sber’s plans is not surprising, considering Russia’s central banking has taken a strong stance on cryptocurrency like Bitcoin (BTC), and has even banned major banks from offering investment services. According to the bank, such services are not in the best interests of investors and carry great risks.

Elvira Nabinullina, Bank of Russia Governor, believes that central bank digital currencies are a good alternative to decentralized cryptocurrencies.

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