| 19 April 2024, Friday |

Russia’s Sberbank executes first digital asset issue on its platform

Sberbank, Russia’s largest lender, announced on Saturday that it had completed the first digital financial asset transaction on its own platform, with its subsidiary SberFactoring completing a one-billion-rouble ($16 million) issuance with a three-month maturity.

The Bank of Russia has long been skeptical about cryptocurrencies, but it is more open to other digital assets and granted the first license to exchange digital assets to blockchain platform Atomyze Russia.

In a statement, Sberbank, which acquired its license in March, stated that digital assets are issued on its platform utilizing blockchain technology and smart contracts.

According to Sberbank, the platform will soon be available to all of the bank’s business clients.

Russia is seeking to improve its supervision of cryptocurrency transactions and may begin regulating the industry later this year, according to authorities this week.

  • Reuters