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Russia's largest bank to issue digital financial assets following approval

Scorpio

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Russia's largest bank to issue digital financial assets following approval​


by Catarina Moura

March 17, 2022, 3:10PM EDT ·​

Russia’s largest bank, Sberbank, will soon start issuing and exchanging digital financial assets (DFA).

The bank announced on Thursday that companies will be able to make transactions on its blockchain platform one month from now.
Sberbank got the green light from Russia’s central bank a month after Atomyze Russia was allowed to exchange digital assets, according to Reuters.

The move to digital assets comes in the midst of Russia’s invasion of Ukraine, as the West responds with strict economic sanctions to the country.


Sberbank’s announcement speaks of possible benefits to the market. Companies will be able to issue their own DFAs, which will “enable them to attract market investments,” is states.
They will also be able to acquire CFAs, allowing them to “invest their currently idle funds to generate income.”
“We are just starting our work with digital assets, realizing that further development requires adaptation of the current regulatory framework,” said Sergey Popov, director of the Transaction Business Division at Sberbank.
As far back as 2020, the bank had announced its intention of launching a stablecoin — to be called Sbercoin. As reported in January last year, Sberbank had also sought approval from the central bank for a blockchain-based financial platform.

 

ZZZZZ

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Russkies are pretty damned good programmers. I've worked with a few. And thousand of them work 24/7/365 creating new viruses, and then selling the fix to Norton or McAfee or whomever.

It wouldn't surprise me one bit if that Sberbank blockchain has a bunch of back doors that allow Putin's minions to hack in and at least spy on who owns what.
 

ds_mustang

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None of these government CBDCs and other government digital assets are anything anyone globally would want compared to decentralized crypto. Sure they can force them on their own citizens. But if you're a bank/business/government/citizen of a different country, do you want a digital asset that is controlled by a foreign government? One that can be electronically frozen, devalued, and tracked by that government?

I don't see any of these digital assets being used globally. How can they do anything but drive more adoption to real decentralized crypto?
 

solarion

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I don't see any of these digital assets being used globally. How can they do anything but drive more adoption to real decentralized crypto?
Unfortunately they will be used worldwide. We know this because XRP. Most people have no idea just how bad these centralized crypto currencies are and how much they differ from de-centralized deflationary open source crypto currencies.

For this reason...and others, I predict that the crypto currency market is about to suffer a significant downturn...and I choose to limit my exposure at this point. People have to be shown this stuff, the vast majority simply will not listen to others. Just as many here have insisted that open source cryptos are somehow inherently "bad" with zero evidence.
 

Scorpio

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That is the thing,

I am not interested at all in a russian or a us of friggin' a or a chin li .gov DC.

not even a little,

but eventually they will probably force it into the matrix anyway
 

BeefJerky

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I'm not interested in anything other than metals and cash. In that order.