(Sberbank) The Russian Central bank has granted Sberbank a license to become an official financial institution issuing and exchanging digital assets.
Following the license, companies can use Sberbank’s platform to create digital assets to attract market capital. The entities can also use the platform to purchase digital assets and conduct other related transactions.
Sberbank’s director of transaction business Sergey Popov lauded the license, saying the bank is only getting started with digital assets. He said that companies will be able to transact on its blockchain platform in a month.
The move by the Russian central bank is a change of stance after previously urging a total ban on crypto trading, use, and mining.
The license gives Sberbank relief after being hit with Western sanctions. Russia’s biggest retail bank announced plans to exit Europe, citing the impact of sanctions against it due to Moscow’s aggression towards Ukraine.
Analysts still warn that sanctioned firms, including Sberbank, cannot use crypto to override the sanctions. They warn that crypto could cripple the Russian financial system further.
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