Russia’s Sberbank to Allow Users to Issue NFTs on Its Blockchain Platform – Bitcoin News

Sberbank is one of Russia’s largest banks and plans to let users issue NFTs on its blockchain platform. Sberbank also intends to work with galleries and art sites across Russia.

Sberbank gives clients an opportunity to mint NFTs

An option providing users with the chance to issue their own non-fungible tokens should appear on Sberbank’s blockchain platform in the fourth quarter of the year, the bank’s Deputy Chairman Anatoly Popov unveiled during the Eastern Economic Forum in Vladivostok.

A high-ranking Russian bank executive stated that Russia plans to cooperate with galleries and other art organizations on projects related to NFT releases relating to tournaments and games.

Popov, a crypto-page editor at the Russian business news site RBC, stated that it was something brand new and would first undergo some testing. He said that the service’s initial phase will not be fully functional due to the necessity to moderate content.

Sberbank is the largest Russian bank in assets. It created its own blockchain platform following authorization from the Central Bank of Russia for digital financial assets to be issued. It is now only open to legal entities. However, in the final quarter 2022 private individuals will be able to access it and issue, buy, and sell digital assets (DFAs).

A month later, the DFAs were issued by companies certifying the monetary claims of the company, and allow them to purchase the assets on the platform. They can also perform other transactions as allowed under the Russian law. The law “On Digital Financial Assets” went into force in January, 2021. Moscow Exchange will list DFAs in the next year.

While Popov admitted that there was a limited demand for NFTs but also noted that Russians had been placing digital assets onto foreign platforms. Popov also noted that NFTs’ launch raises many questions, not least about the tokens.

Russia still has not fully regulated cryptocurrencies. The current law only applies to coins without an issuer. A new law “On Digital Currency” will be reviewed in the State Duma, the lower house of parliament, in the coming months. Although most institutions of government agree that Russia’s ruble should be the sole legal currency, there have been increasing calls to allow the legalization of digital currencies for foreign trade.

In this story, tags
Bank, banking institution, Blockchain, blockchain platform, DFAs, Digital Assets, digital financial assets, nft, NFTs, Russia, russian, Sberbank, Tokens

What do you think about other Russian banks offering NFT services? Please let us know your thoughts in the comment section.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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