Značka: Sberbank

Russia's Sber bank integrates Metamask into its blockchain platform

Russia’s largest bank Sber — formerly known as Sberbank — continues developing its blockchain platform by integrating it with the Ethereum blockchain.On Nov. 30, Sber officially announced new opportunities for its proprietary blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This would allow developers to move smart contracts and entire projects between Sber’s blockchain and public blockchain networks, the bank said.Sber’s latest additions also bring an integration with major software cryptocurrency wallet MetaMask, which is used to interact with the Ethereum blockchain. The integration allows users to make operations with tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.“Sber Blockchain Lab works closely with external developers and partner companies, and I am glad that our community will be able to run DeFi applications on Sber’s infrastructure,” head of blockchain lab Alexander Nam said. He noted that the newly integrated features will help Sber to unite developers, corporations and financial institutions to explore practical business applications of blockchain, Web3 and decentralized finance.As previously reported, Sberbank has been actively developing blockchain products in recent years, filing an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin in early 2021. After receiving the central bank’s approval in spring 2022, Sber finally announced its first digital currency deal in June. Sber’s majority shareholder is the government of Russia, holding 50% + 1 share.Sber’s announcement came shortly after Russian President Vladimir Putin called for an open blockchain-based settlement network. He criticized the monopoly in global financial payment systems, expressing confidence that digital currencies-based technology will drive independence from banks. At the same time, Putin’s government does not allow its citizens to use crypto as payment, putting a blanket ban on payments with Bitcoin (BTC) in early 2020.Related: Telegram founder wants to build new decentralized tools to combat power abuseIn late November, Russian lawmakers also discussed potential legal amendments in order for the government to launch a national crypto exchange. This effort is reportedly supported both by the Ministry of Finance and the Bank of Russia, which are known for having a lot of disagreement when it comes to regulating the local crypto market.

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Russian bank Sber to complete its first digital currency deal

Russian banking giant Sber — formerly known as Sberbank — is preparing to soon complete its first digital currency deal involving the bank’s proprietary digital asset platform.The bank will conduct its first transaction involving digital financial assets (DFA) on its digital asset issuance platform by mid-July.Anatoly Popov, deputy chairman of Sber’s executive board, disclosed Sber’s plans to complete such a deal in an interview with the state-backed news agency TASS on June 15.Popov claimed that Sber finally received registration from the country’s central bank — the Bank of Russia — in spring 2022, following a series of registration delays. Sber  has been struggling to register its digital asset issuance platform, initially expected to launch alongside its Sbercoin stablecoin by spring 2021.While the latest news doesn’t directly mention the application of blockchain on Sber’s platform, Popov noted that the bank is committed to exploring the technology, stating:“We are looking closely at the development of new technologies like distributed ledger technology. We are studying how blockchain technologies are developing. Our platform has already passed acceptance tests, and the first transaction will take place within a month.”The news came in conjunction with VTB — Russia’s second-largest bank — also preparing to test the purchase of DFAs in exchange for Russia’s central bank digital currency, the digital ruble, in September 2022. VTB’s board member Svyatoslav Ostrovsky reportedly announced plans to launch a new platform to buy digital rubles at the Saint Petersburg International Economic Forum on June 15.Related: Russian central bank signals agreement with crypto law revisions: ReportThe Russian parliament passed a new bill in the first reading to prohibit the use of DFAs as payment for goods and services on June 14.

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Central Bank of Russia issues digital asset license to Sberbank in apparent policy reversal

Less than two weeks after the Central Bank of Russia, or CBR, reiterated its position proposing to ban the issuance, mining and circulation of cryptocurrencies in Russia, it appears to have reevaluated its policy. In a press release published on Thursday, the CBR added the country’s biggest lender, Sberbank, to its register of information system operators for digital financial assets. As reported by local news outlet Tass, the CBR stated: “Inclusion in the registry allows companies to issue digital financial assets and exchange them between users within their platforms.”Sberbank’s blockchain platform is based on a distributed ledger technology, which can, theoretically, protect against information tampering. Legal entities on Sberbank will soon be able to issue digital financial statements certifying monetary claims, acquire digital assets allocated in Sberbank’s system and conduct crypto transactions. Sergey Popov, director of Sberbank’s transactional business division, gave the following remarks regarding the development:“While we are still at the beginning of working with digital assets, we realize that further development is necessary to adapt to the existing regulatory framework. We are ready to work closely with the regulator and executive authorities regarding this direction.”As a state-owned bank, Sberbank has been targeted by sanctions, such as those imposed by the United States Treasury, since the start of the Russia–Ukraine War. Earlier this month, Sberbank exited almost all European markets due to sanctions imposed by the European Union. Simultaneously, its foreign depository shares have plummeted by over 99% on the London Stock Exchange, with trading halted and its last quoted price being $0.05 apiece.The devastating sanctions imposed on Sberbank alongside the CBR’s apparent policy reversal on crypto have led to speculation that digital currencies may represent a “lifeline” for the troubled bank. However, experts don’t believe that sanctioned financial institutions can use crypto to evade sanctions. 

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Russia to seize retail deposits if sanctions go too far, official warns

In the event of harsh Western sanctions as Russian forces invade Ukraine, retail customers could be at risk to lose their savings.Russians’ savings could be confiscated in response to sanctions against the country, according to Nikolai Arefiev, a member of the country’s Communist Party and vice-chairman of the Duma’s committee on economic policy.The Russian government can potentially seize about 60 trillion rubles ($750 billion) worth of people’s deposits should Western nations decide to block all of Russia’s foreign funds, Arefiev said in an interview with the local news agency NEWS.ru on Monday.“If all the foreign funds are blocked, the government will have no other choice but to seize all the deposits of the population, or 60 trillion rubles in order to solve the situation,” the official stated, noting that Russia stores over $640 billion of gold and foreign exchange reserves abroad.He also mentioned that potential sanctions against Russia include a possible disconnection from SWIFT and foreign exchange prohibitions.Russian President Vladimir Putin officially announced a special military operation in Ukraine, potentially pulling the trigger on a set of sanctions on Russia’s largest banks, including state-backed Sberbank and VTB.According to local reports, Sberbank mistakenly made a statement on being included in the list of sanctions by the United States on Thursday night but subsequently removed the notice, claiming that the statement was false and was caused by a “website crash.”At the time of writing, Sberbank’s website reads that Sberbank and all its systems are operating as normal, while clients and legal entities have access to their funds and services in full.“We are ready for any development of the situation and have worked out scenarios to guarantee the protection of the funds, assets and interests of our clients, as well as to ensure the regular operation of all our functions,” the notice says.On Thursday, Russia’s Ministry of Foreign Affairs declared that it will make sure to respond to potential Western sanctions, stating, “Make no mistake, we will respond strongly to these sanctions, not necessarily in a symmetrical manner, but the response will be well calibrated and will not fail to affect the United States.”Balaji Srinivasan, a crypto investor and former chief technology officer of Coinbase, suggested that the ministry was threatening a cyberwar with the West:“Make no mistake, we will respond strongly to these sanctions, not necessarily in a symmetrical manner, but the response will be well calibrated and will not fail to affect the United States.”From Russia’s foreign ministry.Is this a threat of cyberwar?https://t.co/waxvbrE5E1 pic.twitter.com/AVnYoLLtqd— Balaji Srinivasan (@balajis) February 24, 2022The latest news comes as the Russian ruble plummets to an all-time low against the U.S. dollar, with indices surging up to 115 rubles or more per U.S. dollar for those who want to buy dollars on the open market, up 35% from 74 rubles just a couple of weeks ago. According to local reports, Sberbank was offering its clients to buy dollars at 100 rubles on Thursday.USD/RUB 30-days chart. Source: TradingViewThe latest events have triggered a massive impact on the Russian stock market and cryptocurrency markets, with Bitcoin (BTC) briefly dropping below $35,000 for the first time since June 2021, according to data from CoinGecko. The total market capitalization tumbled below $1.7 trillion for the first time since August last year.According to Sam Bankman-Fried, CEO of FTX cryptocurrency exchange, the massive sell-off on crypto and stock markets are “to pay for war.”

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Owner of Russian bank Tinkoff acquires Swiss digital asset firm

TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets.The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday.Citing data from Aximetria, the report suggests that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Given that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%.A spokesperson for Tinkoff confirmed the news to Cointelegraph, stating that Aximetria will be “part of the international expansion of Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence.”The representative emphasized that Aximetria is “not a crypto exchange” but rather a “financial service in the digital asset industry.”At the time of writing, Aximetria’s main page includes details on the firm being part of TCS. Aximetria lets users open a “Swiss crypto account” with free deposits and withdrawals in euros or U.S. dollars. The platform says it targets clients worldwide.Source: AximetriaAmid skyrocketing demand for crypto investments, Tinkoff has been struggling to offer crypto investment services in Russia as the Bank of Russia reportedly stopped the company from launching its own suite of related services. This led to a situation where Russia has no single legal company that is based in the country and offers crypto investment.The central bank is known for its hostility to the crypto industry and Bitcoin (BTC). However, it reportedly wants to allow people to invest in crypto investment using foreign platforms.Related: Russia’s largest bank struggles to register its digital asset platformDespite the ongoing harsh stance of local regulators, Russia’s largest bank, Sber, launched a crypto exchange-traded fund in December, tracking major crypto investment firms and exchanges like Coinbase and Galaxy Digital. Formerly known as Sberbank, the state-backed firm was previously planning to launch a crypto exchange business under its Sberbank Switzerland subsidiary back in 2018.

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Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy Digital

Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets.Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB.SBBE’s portfolio will include some of the world’s biggest crypto companies, including the United States’ largest exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital and blockchain software provider Digindex.According to the announcement, Sber’s blockchain ETF will be the “first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding and selling digital currencies.”This story is developing and will be updated.

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Bank of Russia to ban mutual funds from investing in Bitcoin

The Russian central bank continues its strict policies regarding the cryptocurrency industry, now officially banning mutual funds from investing in cryptocurrencies like Bitcoin (BTC).On Dec. 13, the Bank of Russia published an official statement on regulating investment opportunities by mutual investment funds.Despite expanding the number of assets available for investment by mutual funds, the document prohibits fund managers from buying cryptocurrencies as well as “financial instruments whose value depends on prices of digital assets.”The statement emphasizes that mutual funds are not allowed to provide crypto exposure both to either qualified or unqualified investors.The Bank of Russia previously recommended asset managers to exclude cryptocurrencies from exposure in mutual funds in July 2021. According to a report by local news agency RBC, there have been no Russian mutual funds with crypto exposure despite there having been no formal ban until now.Artem Deev, head of the analytics department at the brokerage firm AMarkets, reportedly said that Russia has only one industry-related exchange-traded fund (ETF) so far. According to Deev, the fund is managed by the joint-stock management company “BrokerCreditService” and invests in companies focused on decentralized data storage and blockchain, including firms like Jack Dorsey’s Block, PayPal and Broadcom.Russia’s largest bank, Sber, is reportedly also planning to launch a blockchain-focused ETF, Sber’s asset management head Vasily Illarionov said. The ETF will be called “Blockchain Economy” and will invest in stocks related to blockchain adoption. Illarionov noted that the fund does not fall under the restrictions of the Bank of Russia and can be offered to retail investors.Related: Russia’s largest bank struggles to register its digital asset platformAs previously reported, the Bank of Russia has taken a hard stance on cryptocurrencies and has barred some big banks from offering crypto investment services. The regulator argued that such services do not “meet the interests of investors and bear great risks.”

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Russia’s largest bank struggles to register its digital asset platform

Sber, Russia’s largest bank, is apparently struggling to obtain a regulatory approval for its digital asset issuance platform as the company continues delaying registration plans.Sber CEO Herman Gref announced Dec. 7 that the bank now expects to get its digital asset issuance platform registered with the Bank of Russia by the end of 2021, local news agency Prime reported.”We are in constant contact with the central bank, and we are discussing various issues. We really want to believe that the platform will be registered by the end of this year,” Gref said.The new comments come almost a year after Sber initially filed an application with the Bank of Russia to launch a blockchain platform for its Sbercoin stablecoin in January 2021. At the time, Sber’s director of transactions, Sergey Popov, said that the registration procedure usually takes no longer than 45 days. As such, the bank was expecting to launch its platform and the stablecoin by spring 2021.While unable to move forward with the plans by the fall, Sber then said that it was planning to register its digital asset issuance platform in September.Sber did not respond to Cointelegraph’s requests for comment on the matter.Related: Crypto is a hedge for 46% of Russian retail investors, survey statesSber’s delayed plans hardly come as a surprise, as Russia’s central bank has taken a hard stance on cryptocurrencies like Bitcoin (BTC), and has even barred some major banks from offering crypto investment services. The bank has said that such services do not “meet the interests of investors and bear great risks.”In the meantime, Bank of Russia governor Elvira Nabiullina believes that tools like central bank digital currencies should serve as a good option for governments to replace decentralized cryptocurrencies.

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