#CryptoCurrency / Russia’s Sberbank mulls over own stablecoin

Sberbank, Russia’s largest bank, is reviewing whether to launch its own stablecoin come 2021… the stablecoin would be pegged one-to-one to the Russian ruble.

If launched, the coin would operate under Russia’s recently introduced cryptocurrency law… the law… gives legal status to cryptocurrency but prohibits its use as a means of payment. This means Russian residents can’t transact in bitcoin or and any other cryptocurrency.

“As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets,”

[The law] … will legalise crypto-to-crypto trading platforms, and will allow firms to purchase and sell crypto, as well as lend in crypto.

The bank … is launching its own blockchain platform built on Hyperledger Fabric… The platform was designed for trade finance transactions, including exchanging letters of credit…

“Any company will be able to use smart contracts created by Sberbank right away or create their own… Payments via smart contracts go through automatically and the vendors receive funds in a matter of seconds.”