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

Recognizing the existing demand for non-fungible tokens, or NFTs, one of the largest banks in Russia, Sberbank, now intends to allow users to issue them on its blockchain platform. The financial institution also plans to collaborate with art venues and galleries across the country.

Sberbank will give customers the ability to create NFTs

An option that allows users 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 head Anatoly Popov unveiled during the Eastern Economic Forum in Vladivostok.

The senior executive added that the Russian banking giant plans to start collaborating on projects with art sites, galleries and potentially sports organizations for NFT releases related to games and tournaments.

Quoted by the crypto page of the leading Russian business news portal RBC, Popov noted that this is something new for the bank that will first do some tests. In the initial phase, the service will be limited due to the need to moderate content, he added.

Sberbank, the largest Russian bank by assets, created its blockchain platform after it received authorization from the Central Bank of Russia to issue digital financial assets in March this year. The platform is currently only open to legal entities, but in the last quarter of 2022 private individuals will also be given access and permission to issue, buy and sell digital financial assets (DFA).

About a month later, companies were given the opportunity to issue DFAs confirming monetary claims, purchase assets issued on the platform, and also make other transactions with them, as allowed by current Russian legislation. The law “On Digital Financial Assets” entered into force in January 2021. The Moscow Exchange is preparing to list DFAs by the end of this year.

Although limited, there is demand for NFTs, Popov acknowledged while noting that Russians have successfully placed digital assets on foreign platforms. He also pointed out that the launch of the NFTs raises many questions that need to be answered, including regarding the content represented by the tokens.

Russia has yet to fully regulate cryptocurrencies, as current law mainly applies to coins that have an issuer. A new law “On Digital Currency” will be reviewed in the State Duma, the lower house of parliament, in the coming months. While most government institutions agree that the Russian ruble should remain the only legal tender in the country, there have been several calls to legalize the use of decentralized digital currencies in foreign trade.

Tags in this story

Bank, banking institution, blockchain, blockchain platform, DFAs, digital assets, digital financial assets, nft, NFTs, Russia, Russian, Sberbank, tokens

Do you expect other financial institutions in Russia to offer NFT services to their clients? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be 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.

Image credit: Shutterstock, Pixabay, Wiki Commons, EO

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *