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Sberbank Will Allow Users to Issue NFTs on Its Blockchain Platform

10-Sep-2022 By: Shikha Jha
Sberbank Will Allow

Recognizing the existing demand for NFTs, Sberbank, one of Russia's largest banks, intends to allow users to issue them on its blockchain platform. The bank also intends to collaborate with art galleries and museums across the country.

During an event, Sberbank Deputy Chairman Anatoly Popov revealed that an option allowing users to issue their own NFTs will be available on its blockchain platform in Q4 of this year.

The high-ranking executive also stated that the Russian banking behemoth intends to begin collaborating on projects with art sites and galleries. It also collaborates with potential sports groups for NFT releases related to games and competitions.

As quoted by a local media outlet, Popov stated that this is something new for the bank, which would first perform some tests. The service would be limited at first because of the necessity to moderate content, he noted.

Sberbank, Russia's largest bank by assets, created its blockchain platform after receiving authorization from the Central Bank of Russia to issue digital financial assets in March of this year. The platform is currently only accessible to legal entities. However, in the fourth quarter of 2022, private individuals will be granted access and will be able to issue, purchase, and sell digital assets.

About a month later, companies were granted the opportunity to issue DFAs validating monetary claims, acquire assets issued on the platform, and conduct other transactions with them, as authorized by current Russian legislation. In January 2021, the legislation "On Digital Financial Assets" come into effect. The Moscow Exchange is also planning to list DFAs by the end of the year.

Although demand for NFTs is limited, Popov noted that Russians have successfully placed digital assets on overseas marketplaces. He also stated that the launch of the NFTs raises several questions, particularly those about the content represented by the tokens.

Russia has yet to comprehensively regulate cryptocurrencies, as present legislation only extends to coins that have an issuer. In the coming months, the State Duma, Russia's lower house of parliament, will consider a new law "On Digital Currency." While most government agencies believe that the Russian ruble should remain the country's sole legal tender, proposals to legalize the use of decentralized digital currencies in foreign trade have grown.

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