Sber's First Digital Currency Transaction with DFA to Take Place by Mid-July

Sber's First Digital Currency Transaction with DFA to Take Place by Mid-July

According to the vice-chairman of the board, the "platform has already passed acceptance tests."

On June 15, Moscow-based banking and financial services organization Sber announced that the very first transaction concerning digital financial assets (DFAs) on the bank’s platform will take place in a month.

The initiative comes after VTB, the second-biggest banking institution in the country, has shared its plans to test the purchase of digital financial assets (DFA) for digital rubles after a few months.

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Deputy Chairman of the Board of Sber Anatoly Popov stated that the compulsory testing phase of the system has already been completed and the first transaction will supposedly be carried out by mid-July.

Furthermore, Popov also mentioned that the Bank of Russia has finally provided regulatory approval to Sber’s digital asset issuance platform, following a chain of long-term delays.

Interestingly enough, the approval doesn’t actually indicate Sber’s adoption of blockchain technology. However, the banking institution mentioned that it is highly keen on exploring the area. Popov added:

“We are looking closely at the development of new technologies like distributed ledger technology. We are studying how blockchain technologies are developing. Our platform has already passed acceptance tests, and the first transaction will take place within a month.”

Earlier in June, the proposal to completely ban the use of digital assets in Russia passed through its first reading. However, if the Russian government approves the bill, citizens will be prohibited from paying for products and services in digital currencies.

On top of that, back in March, Russia’s biggest bank by market also issued a statement regarding its withdrawal from the European market.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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