Moscow – One of Russia’s largest banks, Sberbank, allows its users to issue non-fungible coins (NFTs) on its blockchain platform.
Sberbank Executive Vice President Anatoly Popov said that from the fourth quarter of this year, users of the Sberbank blockchain platform will be able to issue NFTs.
Popov added that Russia’s giant bank also plans to work with Russian art sites, galleries and sports organizations on NFT projects. According to Popov, this new ability will be tested first.
According to Bitcoin News, the blockchain platform was created by Sberbank after it received permission to issue digital financial assets from the Russian Central Bank in March.
Sberbank’s blockchain platform is currently only open to legal entities, but in the final quarter of 2022, individuals will also be granted access and will be able to issue, buy and sell digital financial assets (DFAs).
In April, Sberbank issued a DFA and received the opportunity to purchase issued assets on the platform as permitted by current Russian law. The Law on “Digital Financial Assets” will come into force in January 2021. The Moscow Exchange is preparing to list DFA by the end of this year.
The State Duma, the lower house of the Russian Parliament, will review a new law “On Digital Currency” in the coming months.
Most government agencies agree that the Russian ruble should be the country’s only legal currency, but they are also calling for legalization of the use of digital currencies in foreign trade.