Technology

Russian banks are so broke the biggest lender just got the go-ahead to issue digital assets like crypto

The impact of sanctions and the collapse of the Russian ruble after the invasion of Ukraine has some Russian banks turning to the crypto market for a boost. Like the biggest one. That is Sberbank, Russia’s largest lender, which just received a license from the central bank to issue digital assets to clients on Thursday. Sberbank said the move would allow Russian firms to mint digital assets and “invest their currently idle funds to generate income.” “We are just starting our work with digital assets, realizing that further development requires adaptation of the current regulatory framework. To do that, we are ready to work closely with the regulator and executive bodies,” Sberbank said in a statement. “Companies will be able to make their first transaction on our blockchain platform one month from now.”

Full story : Russian banks are so broke the biggest lender just got the go-ahead to issue digital assets like crypto.

OODA Analyst

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