Russia’s Sberbank Considering Possibility of Issuing Own Cryptocurrency Sbercoin – CEO

Russia’s largest lender Sberbank is considering the possibility of issuing its own cryptocurrency called Sbercoin, it can start an experiment in 2021, CEO Herman Gref said on Monday during the Investor Day.

“It is quite possible that we will start experimenting next year with the production of our own currency, the so-called ‘Sbercoin.’ Well, of course, we are very attentively watching what the central bank is doing, we are in the negotiation process with the regulator. And it all should be linked to the context that will be chosen as a strategy for the development of the digital ruble,” the banker said.

“All these months and years we have been working on the technology, so as soon as it becomes possible from January 1, we will enter the market with a package of services,” Gref added.