Sberbank expects the Central Bank’s license to issue CFA until the end of 2021

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Sberbank CEO German Gref is looking forward to the Central Bank’s approval of the release of digital financial assets this year.

German Gref
stated which is possible by the end of 2021, the Central Bank of Russia will register the Sberbank platform for the release of its digital asset. The cloud platform is designed for automatic quick calculations and is hosted on SberCloud. It is aimed at large companies that will be able to raise funding through the issue of tokens under the supervision of the Central Bank of Russia.

Sberbank has successfully tested a new instrument that is planned to be used to work with digital bills. Replacing a paper bill with a digital one will open up new development opportunities for the bank. At the first stage, the bank plans to issue and turnover on the platform only of its own assets, and then intends to admit other issuers. In September, the deputy chairman of the board of Sber, Anatoly Popov, said that they are waiting for the approval of the application to launch their digital asset.

“We are in constant contact with the Central Bank of Russia, discussing various points. We really want to believe that the registration will take place by the end of this year ”.

The Russian government is actively discussing the launch of the digital ruble this year with regulators and stakeholders. The central bank has formed a working group of 12 banks that will participate in the development of a platform for the state digital currency. Sberbank is one of these banks.

It is worth noting that Sberbank, represented by Popov, expressed concern that the use of the Central Bank’s digital currency could lead to an outflow of money from commercial banks and this would lead to an increase in interest rates on loans and deposits. Perhaps Sberbank expects that it will be the main counterparty of the Central Bank in the turnover of the state digital currency. In turn, the Central Bank wants to keep this initiative for itself and cannot allow Sberbank’s digital currency to be launched earlier than the state one. On the other hand, the digital currency of Sberbank, used within the banking sector and large enterprises, can serve as a basis for creating and testing the digital currency of the Central Bank.

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