Aug 6, 2020 at 14:16 UTC.Sberbank, Russia's biggest consumer bank, is launching a blockchain platform built on Hyperledger Fabric, potentially with its own stablecoin.
The blockchain system is designed for trade finance transactions, including exchanging letters of credit, the bank's press representative told CoinDesk Thursday.
Anatoly Popov, Sberbank's deputy chair, told the Russian newspaper Vedomosti on Wednesday that the the bank is also planning to launch its own stablecoin pegged to the price of the ruble that could be used to buy digital assets.
Sberbank's press office told CoinDesk there is no concrete plan for the stablecoin yet.
Russian president Vladimir Putin signed the first of two bills on digital assets into law on July 31.A stablecoin would be a logical component of the blockchain platform for faster payments and settlements, which Sberbank is planning to launch during Q3.The system is built on Hyperledger's Fabric blockchain framework, with nodes hosted in Sberbank's own cloud computing service, SberCloud.
"Any company will be able to use smart contracts created by Sberbank right away or create their own," Popov told CoinDesk through the press representative.
Sberbank is planning to put a number of its existing services on its blockchain as well.
Sberbank currently holds about 43% of individual savings deposits in Russia and is a major shareholder in several big electronic payment, online retail and delivery companies.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Russia's Sberbank Launches Blockchain on Hyperledger, Mulls Stablecoin in 2021
Published on Aug 6, 2020
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.