Yesterday Russia’s largest bank Sberbank received a license from the Central Bank of Russia (CBR) to launch its digital assets platform. This will allow the bank and its clients to issue and exchange Digital Financial Assets, not cryptocurrency.
Following Russia’s invasion of Ukraine, the majority state-owned bank has been targeted by strict economic sanctions imposed by the West. And its Austrian subsidiary had to shutter.
In 2020 Russia passed legislation for regulated Digital Financial Assets, a term used for tokens backed by conventional assets such as stocks, commodities, bonds, commercial paper, and more, as opposed to cryptocurrencies.
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