Sber, Russia’s largest bank, is continuing to thrive in the blockchain industry as it sets to register its digital assets tool this month according to the bank’s executive board deputy chairman.
According to local news agency TASS, Anatoly Popov, deputy chairman of the executive board at Sber, the bank plans to register its digital asset issuing platform with the Bank of Russia — the country’s central bank — by mid-September.
Sber has begun developing characteristics that will allow third parties to issue digital assets, according to Popov, and this feature is expected to be available by the end of the year.
He noted that for the time being, the bank is concentrating on the issuance and management of Sber’s own digital financial assets.
Sber is actively engaging with the Russian central bank on functions and requirements for its planned digital asset offering, according to the CEO.
Following input from the Bank of Russia, Sber recently sent an amended application for the platform to the institution, according to Popov.
Sber is Russia’s largest banking and financial organization, as well as one of the world’s largest public enterprises, currently placing 51st on Forbes’ Global 2000 list.
The state-owned corporation, formerly known as Sberbank, rebranded to “Sber” last year to reflect its commitment to diversify into digital services and become a technology leader rather than a pure banking institution.
Sber has reportedly committed around $1 billion in its digital ecosystem in the first half of 2021, according to local publications.
Sber has been working hard to establish digital asset-related services and its own digital assets as part of the company’s foray into digital services.
The company appealed to the Bank of Russia earlier this year to develop a blockchain platform for its own stablecoin, Sbercoin, but the central bank has been adamant in its opposition to private companies producing stablecoins pegged to the Russian ruble.
Sber has maintained a negative attitude on private cryptocurrencies such as Bitcoin (BTC), mirroring the country’s central bank’s position.
Sberbank CEO Herman Gref said in June that, alongside the stock market, digital currencies like Bitcoin are the riskiest sort of investment.
