Sberbank’s upcoming stablecoin may bring Russia to the cryptocurrency scene

Currently, Sberbank’s stablecoin is under development and will use the Hyperledger Fabric infrastructure. The largest Russian Bank will create a stable coin to demonstrate Russia’s capabilities in the field of digital assets

A stable coin is a link to the crypto industry

Sberbank is the largest banking organization in the country that performs all-Russian operations. Thus, its stable coin will be of great importance to the country’s crypto industry. Stablecoin is under development, and will be linked to real assets.

Its creation is aimed at improving the efficiency of transactions

Reports suggest that Sberbank’s own blockchain will become the basis for stablecoin. In a statement, Bank representative Sergey Popov said that the stablecoin, which will soon be launched, will be pegged to the Russian ruble in a ratio of 1: 1.

The country recently unveiled a comprehensive law on digital assets, which will take effect from January 2021. Russian President Vladimir Putin has signed a law that includes bans on transactions with Bitcoin and other digital currencies. Thus, the Bank aims to work on the stablecoin until the law comes into force, and then continue the partnership to further expand the project.