Central Bank of Russia grants the country’s largest bank Sberbank a license to issue and exchange digital assets.
- The move comes two months after the central bank recommended a total ban on cryptocurrency trading, mining, and use.
- Sberbank, Russia’s biggest retail bank, has revealed it has pullout from European markets due to sanctions on Russian-exposed sectors and capital outflows from Europe-based businesses.
- Sberbank, a state-owned bank, and financial ecosystem Lighthouse were both included in the CBR’s register, giving the two companies the authority to issue digital financial assets and exchange them on their platforms.
- Businesses can use Sberbank’s platform to develop their own digital assets to attract market capital, purchase digital assets via the lender’s systems, and conduct other digital asset transactions.
Sberbank applied to the Central Bank of Russia in January for a license to issue its own digital money for institutional clients.
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