Russian Sberbank executes the first issuance of digital assets on its platform

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The logo is displayed at an office of Sberbank in Saint Petersburg, Russia, April 19, 2022. REUTERS/REUTERS PHOTOGRAPHER

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MOSCOW, July 9 (Reuters) – Russia’s top lender Sberbank (SBER.MM) said on Saturday it had completed the first digital financial asset transaction on its own platform, with its subsidiary SberFactoring executing a billion dollar issue. rubles ($16 million) with a maturity of three months.

The Bank of Russia has long expressed skepticism towards cryptocurrencies, but is more open to other digital assets and gave blockchain platform Atomyze Russia the first license to trade digital assets.

Second-tier lender VTB (VTBR.MM) and fintech firm Lighthouse completed the country’s first cash-backed digital financial asset transaction in late June. Read more

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Sberbank, which received its license in March, said in a statement that digital assets are issued on its platform using blockchain technology and smart contracts.

Sberbank’s platform will soon be available to all corporate clients of the bank, he said.

Russia is working to improve its oversight of cryptocurrency transactions and could begin introducing industry regulation later this year, officials said this week. Read more

($1 = 62.4000 rubles)

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Reuters reporting; Editing by Christina Fincher

Our standards: The Thomson Reuters Trust Principles.

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