(Bloomberg) — Russia’s central bank has granted Sberbank PJSC, the nation’s biggest lender, a license to issue and exchange digital assets.
Using Sber’s platform, companies can issue their own digital assets to attract market investments, buy digital assets through Sber’s system, or make other digital assets transactions, the bank said in a statement Thursday.
“We are just starting our work with digital assets,” said Sergey Popov, director of the transaction business division at Sberbank, adding companies will be able to make their first transaction on its blockchain platform in a month.
Sberbank, a state-owned bank, is being sanctioned by the U.S. and European Union. It holds the largest market share of savings deposits in Russia and is the main creditor of the country’s economy, according to the U.S. Treasury.
Last month, Bank of Russia and market participants began testing the digital ruble platform and conducted the first transfers in digital rubles between citizens. The central bank previously has warned that cryptocurrencies could be used for illegal activity.
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