Sberbank to Conduct First Digital Asset Transaction on Own Platform

Russian majority state-owned bank Sberbank (Sber) will perform the first transaction with digital financial assets (DFAs) on a platform developed by the institution within a month, Tass reported. The news agency quoted Anatoly Popov, deputy chairman of the Management Board of the banking and financial services company.Speaking on the sidelines of the St. Petersburg International Economic Forum, the high-ranking executive reminded that Sberbank, which accounts for about a third of all bank assets in Russia, was added to the Central Bank of Russia’s register of information system operators permitted to issue DFAs this spring.‘Digital financial assets’ is the current term in Russian law describing cryptocurrencies and other digital assets. Additional legislation is on the way, with a bill “On Digital Currency,” proposed by the Ministry of Finance to comprehensively regulate the country’s crypto market, likely to be adopted during the fall session of the State Dima, the lower house of parliament.