Russian Banking Giant Sberbank to Launch Crypto Settlements Pilot
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The Russian banking and IT behemoth Sberbank will launch a crypto-powered settlements pilot.
Per the Russian state-run news agency TASS, Sberbank said that it “plans to conduct” its pilot within “the framework of foreign economic activity.”
Crypto Settlements: Sber Makes Its Move?
The banking giant is already working with Moscow on the digital ruble pilot. It has also previously floated stablecoin and cryptoasset token launch plans.
And more recently, it has moved into the digital financial assets (DFAs) space. In Russia, DFAs refer to blockchain-powered coins pegged to indices such as real estate prices, as well as metals and other resources.
Sberbank unveiled its plans at a blockchain-themed conference on November 13, where its Deputy Chairman Anatoly Popov spoke to journalists.
Popov said that the pilot would begin before “the end of the year.”
“We understand the importance of using settlements using stablecoins or cryptocurrencies in foreign economic activity. And we are currently working out the nuances of this regulation with the Central Bank. We expect to carry out the first transactions before the New Year.”
Anatoly Popov, Sberbank Deputy Chairman
The Sberbank official appeared to suggest that the pilot would operate as part of the Central Bank’s cross-border crypto settlements sandbox.
The bank wants to use the sandbox to help Russian firms buy and sell goods and services outside the conventional financial system.
This, the bank thinks, will help Russian firms evade US, UK, and EU-led sanctions while also countering money laundering risks.
Popov noted that the Central Bank and Russian “financial market players” were “currently determining the nuances of the sandbox.”
He said that the Sber pilot would work “within the framework of” the sanbox, with Sberbank “also participating in the discussion.”
Russian President Vladimir Putin signed the law that paves the way for the creation of the sandbox, officially known as the “experimental legal regime.”
The law allows for the limited use of crypto “as a means of payment under foreign trade agreements.”
Internal Use of Crypto Impossible, Says CEO
However, the Sberbank CEO and former Russian Minister of Economic Development German Gref has moved to distance himself from crypto adoption talk.
Per a separate TASS report, Gref said that “use of cryptocurrencies as a means of payment in Russia” was currently “impossible.” Speaking at the same blockchain forum, Gref said:
“Is it possible to use cryptocurrencies for internal transactions? I think not, as long as this is not permitted by law. I do not see any prospects for this to change in the near future.”
Digital Ruble Progress?
Gref welcomed the fact that “new legislation” allows for “the use of digital currencies and cryptocurrencies for international settlements.”
He also commented on the digital ruble, claiming that “other countries need to be ready to accept it.”
“So far I know, work is being done [on cross-border digital ruble adoption]. But I cannot say anything about its prospects.”
Sberbank CEO German Gref
Sberbank initially showed some reluctance about joining the digital ruble pilot. However, it has since decided to join a “second group” of banks working on the project.
The Central Bank has previously said it hopes to roll the coin out nationwide sometime in 2025.
Officials have also claimed the CBDC will be interoperable with other digital fiats, possibly including China’s digital yuan.
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