
Sberbank, the largest bank in the Russian Federation, has denied connection to a new cryptocurrency called “sbercoin.” The project is offering high returns to buyers of the token, which was launched shortly after Bank of Russia allowed Sberbank to issue digital currencies.
Sbercoin traded on Pancakeswap Exchange. Not issued by Sberbank
A crypto project called Sbercoin.Finance has been promising investors up to 383,025.80% fixed annual percentage yield (APY) on the money they put into a token allegedly linked to Sberbank, Russia’s majority state-owned and largest banking institution.
“Sbercoin,” advertised as the “world’s first auto staking & USDT rewards token,” was listed on the decentralized exchange Pancakeswap last month and has since lost most of its value. According to Coinmarketcap, it’s currently trading at $0.00006674 per coin.
SBER token launched March 17. This is the date the Central Bank of Russia authorized Sberbank (CBR), to issue digital financial assets. The term encompasses all cryptocurrencies according to current Russian law. The move came amid tightening Western sanctions over Moscow’s invasion of Ukraine.
The sbercoin issuesrs linked a Twitter article by Business Insider that covered the launch and licensing of Sberbank. The publication quoted a bank spokesperson who claimed that the institution had not been linked to the token.
In comments to Forklog, representatives of the bank denied any connection. They clarified that the “official sbercoin” had not been released yet, the crypto news outlet added. Herman Gref, CEO of Sberbank, revealed that the bank would be collaborating with JPMorgan in 2020 to create its own cryptocurrency.
The CBR received a request from the Moscow-based banking and financial service company to create a stablecoin. It was likely to be pegged to Russia’s national fiat or the ruble. A source in the financial markets told Reuters Sberbank was preparing for its sbercoin launch in February.
Russia invaded Ukraine then, and sanctions were imposed by the West against the Russian financial sector. Sberbank was one of those entities. The future prospects for its cryptocurrency are uncertain. JPMorgan announced in March it’s winding down business in Russia.
Is it possible that Sberbank might issue its own Sbercoin soon? Please leave your feedback in the comment section.
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