Sberbank, one of Russia’s largest banks, is aware of the existing demand for non-fungible tokens (NFTs) and plans to allow users to issue them on its blockchain platform. The financial institution also plans to work with art sites and galleries across the country.
Sberbank Offers Mint NFT Opportunity to Clients
An option that offers users the opportunity to issue their own non-fungible tokens should appear on Sberbank’s blockchain platform in the fourth quarter of this year, said the bank’s vice chairman Anatoly Popov in Vladivostok. The announcement was made at the Eastern Economic Forum.
The Russian banking giant will start collaborating on projects with art sites, galleries and potentially sports organizations for the release of NFTs related to games and tournaments, the senior executive added. .
Popov, quoted on the crypto page of leading Russian business news portal RBC, said this is new for the bank and that it will do some testing first. He added that in the early stages, the service will be limited because of the need to manage content.
Sberbank, Russia’s largest bank by assets, created its blockchain platform after being approved by the Central Bank of Russia to issue digital financial assets in March this year. The platform is currently open to legal entities only, but in the last quarter of 2022, individuals will also be granted access, allowing them to issue, buy and sell Digital Financial Assets (DFAs).
After about a month, the company will issue a DFA certifying a financial claim, purchase assets issued on the platform, and have the opportunity to conduct other transactions, as permitted by current Russian law. Given. The “Law on Digital Financial Assets” came into force in January 2021. The Moscow Exchange is preparing to list DFA by the end of this year.
Although limited, there is demand for NFTs, Popov acknowledged, noting that Russians are successfully placing their digital assets on foreign platforms. He also noted that the launch of NFTs raises many questions that need to be answered, including those regarding the content represented by the tokens.
Russia has yet to comprehensively regulate cryptocurrencies, as current legislation primarily applies to coins that have an issuer. A new law “on digital currencies” is due to be reviewed by the House of Commons, the House of Representatives, in the coming months. While most government agencies have agreed that the Russian ruble will remain the sole legal tender in the country, there are growing calls to legalize the use of decentralized digital currencies in foreign trade.
Do you expect other financial institutions in Russia to offer NFT services to their customers? Let us know in the comments section below.
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Russia’s Sberbank will allow users to issue NFTs on its blockchain platform.
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