NEW YORK – The impact of sanctions and the collapse of the Russian ruble after the invasion of Ukraine has some Russian banks turning to the crypto market for a boost. Like the biggest one.
That is Sberbank, Russia’s largest lender, which just received a license from the central bank to issue digital assets to clients on Thursday. Sberbank said the move would allow Russian firms to mint digital assets and “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. To do that, we are ready to work closely with the regulator and executive bodies,” Sberbank said in a statement. “Companies will be able to make their first transaction on our blockchain platform one month from now.”
In February, the Blockchain platform Atomyze became the first firm to receive a license in Russia to exchange digital assets. Now, Sberbank and the financial ecosystem Lighthouse have also been given the green light to enter the crypto fray.
Russian Banks Switch To Crypto Currencies To Beat Ukraine War Monetary Sanctions - mitechnews.com
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