Russia’s Sberbank to Allow Users to Have NFTs

Russia’s Sberbank to Allow Users to Issue NFTs on Its Blockchain Platform – The fourth quarter of the year should see the addition of a feature allowing users to create their own non-fungible tokens on the blockchain platform of Sberbank, according to the bank’s deputy chairman Anatoly Popov, who made the announcement at the Eastern Economic Forum in Vladivostok.

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The high-ranking executive went on to say that the Russian banking giant intended to begin working on initiatives with art sites, galleries, and perhaps sports organizations for NFT releases associated with contests and games.

Popov commented that this is something new for the bank and that it would first conduct some tests, as reported by the cryptocurrency website of the top Russian business news portal RBC. Because of the need to regulate content, the service will initially be limited, he added.

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The biggest bank in Russia by assets, Sberbank, developed its blockchain platform after receiving permission to issue digital financial assets from the Central Bank of Russia in March of this year. Currently solely available to legal businesses, the platform will soon give private individuals access and the ability to issue, purchase, and sell digital financial assets (DFAs).

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Just little over a month later, businesses were given the option to issue DFAs certifying financial claims, buy assets issued on the platform, and conduct other transactions with them in accordance with Russian law. In January 2021, the “On Digital Financial Assets” law became operative. By the end of this year, the Moscow Exchange plans to list DFAs.

Popov admitted that, despite its limitations, there is a market for NFTs and pointed out that Russians have had success selling digital assets on other foreign platforms. He also made the point that there are many questions that need to be addressed in light of the introduction of NFTs, particularly those pertaining to the information that the tokens represent.

People Also Read: Russia Explores Stablecoins for Settlements With Friendly Nations

Since the law currently only applies to coins that have an issuer, Russia has not yet fully regulated cryptocurrencies. The State Duma, the lower house of parliament, will study a new law “On Digital Currency” in the upcoming months. While most government institutions agree that the Russian ruble should remain the only legal tender in the country, calls have been mounting to legalize the use of decentralized digital currencies in foreign trade.

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