Russia’s Sberbank Wants Approval To Launch Their Own Crypto

Russia’s Sberbank seeks approval for its own cryptocurrency while the local court removed Binance from the list of blacklisted internet domains so let’s read more in today’s crypto news.

Russia’s Sberbank reportedly sought approval from the central bank of the country to launch its own cryptocurrency through a blockchain platform. The Russian court removed the leading crypto exchange Binance from the regulator’s blacklist. According to the local reports, the bank is one of the largest in the country it has now applied with the central bank to register a blockchain platform. If the Central Bank of the Russian Federation approves the application, the bank could leverage the blockchain platform and create its own cryptocurrency. Anatoly Popov who is the deputy chairman of the board says that the main goal is to launch the digital asset in the spring of the year:

 “Sberbank filed an application with the Bank of Russia to register its blockchain platform in early January since digital financial assets in accordance with the law can be issued on a registered platform.”

Popov explained that the bank tested the technology and saw that this is actually a solution that works. The Russian laws dictate that the registration procedure can take up to 45 days and the country’s central bank will be able to use the timeframe to address potential issues or challenges. The Malta-based crypto exchange said that last year a court in the Arkhangelsk region ruled to block the domain from being accessed in the country’s borders and the court argued that the platform helped distribute information about Bitcoin.

The company said that the blacklisting came with no previous warnings issued by the Russian authoritiess and the law enforcement. Binance noted that it requested legal assistance and promised to fight for overruling the decision. It now seems that Binance succeeded as the court overturned the ruling. The users based in Russia will be able to have full access to the exchange’s websites as it was removed from the register of banned internet resources. Director of Binance Russia Gleb Kostarev said:

 “We hope that with the adoption of transparent laws in the field of cryptocurrency regulation in Russia, such cases will become a thing of the past, and regulatory uncertainty will no longer negatively affect the development of cryptocurrency projects in Russia.”