- The bank is planning to work with art galleries and sites throughout the country.
- Initially, to moderate content, the service will be limited.
- Russia hasn’t regulated cryptocurrencies until now as the existing law applies to coins with issuers.
Upon realizing the craze for NFTs, Sberbank is planning to enable users to issue the tokens on its blockchain platform. Anatoly Popov, Deputy Chairman of the bank, said that the option to enable users to issue their personal NFTs will be possible in the fourth quarter of the year.
He also shared that they are looking forward to beginning cooperating on projects with art galleries and sites as well as sports organizations to launch NFT based on tournaments and games.
Sberbank created its blockchain platform upon getting authorization from the Central Bank of Russia which confirmed it to issue digital financial assets. As of now, the platform is available for legal entities; however, in the last quarter of this year, access will be given to private individuals too and they will be enabled to issue, purchase and sell DFAs or digital financial assets.
After a month, companies were allowed to issue DFAs to certify monetary claims, make transactions with them and buy assets issued on the platform, in accordance with permission by the present Russian legislation.
Popov mentioned that even if the demand is limited, people in Russia are putting digital assets on foreign platforms. Also, he emphasized that launch of the non-fungible tokens raises questions that need to be answered, which includes the content that’s represented by the tokens.
A law “On Digital Currency” is set to be reviewed in the coming months in the State Duma, parliament’s lower house. Though a number of government institutions believe that the Russian ruble must be the one and only legal tender in Russia, there’s also a demand to authorize the utilization of decentralized digital currencies when it comes to foreign trade.