Russia’s Sberbank Receives Licence To Issue Digital Assets

Sberbank, Russia’s largest lender, has been given a licence by the central bank to issue digital assets. The move follows the US sanctions that caused the institution’s value to plummet earlier in the month.

The bank will use a distributed ledger technology system for archiving and circulating assets issued on its digital platform to ensure data security and immutability.

According to Sberbank, companies will be able to issue their own digital assets. All digital assets issued through the bank will also be available for use, which will allow firms to generate income by investing in any idle funds.

Sergey Popov, director of the Transaction Business Division, stated that companies would be able to make their first transaction on the blockchain platform in a month.

Bank officials said they were ready to work closely with government agencies and regulatory bodies. According to them, a regulatory framework adaptation is essential for the further development of digital asset transactions.