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Sber, Russia’s largest bank, has announced plans to register its digital assets platform in September, marking a major step forward for digital assets in Russia and worldwide.

The bank stated that it plans to register with the Bank of Russia later this month, paving the way to establish a digital asset trading platform in Russia.

Anatoly Popov, Sber’s deputy chairman of the executive board, said the bank has already begun developing features for third-party issuance, implying that the technology will be available to the bank’s customers later this year.

For the time being, the system is exclusively used internally, with Sber focussing on utilizing it to manage and issue its digital currencies and tokens.

Sber is said to be actively collaborating with the country’s central bank, emphasizing how the product’s functionality and other requirements align with regulatory standards.

The state-owned Sber, one of the world’s largest public corporations, recently rebranded from Sberbank to emphasize its dedication to being a leader in technology and financial technologies, rather than just banking.

Sber has reportedly invested up to $1 billion in creating its digital asset ecosystem in the first half of 2021, with ambitions to launch its digital asset services and assets.

Earlier this year, the bank collaborated with Russia’s national bank, the Bank of Russia, to develop plans for Sbercoin, a stablecoin. On the other hand, the central bank has so far refused to budget for it, denying private enterprises permission to establish any ruble-pegged stablecoins.

With Sber currently working with the central bank to advance its digital asset platform, it appears to make significant ripples in the Russian digital asset market in the months ahead.

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