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Sberbank Wins Digital Asset License Amid Crippling Sanctions

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Sanctions sign against economy background with graph and coins.

Russian Sberbank has received a license from the Central bank of Russia with the mandate to issue and operate digital assets on their platforms in the face of tough sanctions.

Source: SBER BANK

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The largely state-owned financial institution says that firms can use their lender systems to develop digital assets, source funds, or buy assets.

Sberbank’s director Sergey Popov says the bank is beginning to focus more on digital assets, pointing out that transactions will be supported in a month’s time.

The lender, which reportedly controls the highest market share of savings accounts in Russia, is facing sanctions from the EU and the United States.

The restrictions have seen its depository shares plummet about 100% on the London Stock Exchange, with the final price closing at $0.05 before the trading pause.

The news comes as the Russian central bank takes on the finance ministry over cryptocurrency regulations as the country feels the heat of economic sanctions.

 

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