According to Russia’s Interfax news agency, Sberbank is planning to introduce a decentralized financing (DeFi) platform in May. The DeFi platform will be based on the Ethereum blockchain and will be available to worldwide cryptocurrency users via the MetaMask crypto wallet. Sberbank announced the incorporation of the MetaMask wallet into their blockchain network in December 2022. Konstantin Klimenko, Sberbank’s head of blockchain research, revealed that his company’s DeFi solution is now in closed beta but will go public in early March.
However, information on the aforementioned DeFi platform is now relatively limited. Russia has increased its quest for cryptocurrency solutions in 2022 in order to avoid sanctions and economic restrictions imposed by Western nations as a result of the Ukraine war. The Moscow government is planning to issue a national digital currency (CBDC) as well as stablecoins backed by natural resources and precious metals for international trade.
Sberbank filed to Russia’s central bank for permission to establish its own digital currency for business clients. Sberbank planned to make the digital asset available to businesses with which it does business.
Sberbank CEO German Gref stated in late 2020 that the bank was working with American multinational investment firm JP Morgan to develop its own cryptocurrency, Sbercoin, which has yet to appear. The crushing penalties imposed on Sberbank, along with the central bank’s apparent policy shift on cryptocurrency, have stoked speculation that digital currencies may be a “shot in the arm” for the bank. Analysts think that sanctioned financial organizations cannot avoid penalties by using cryptocurrency.
Fearing that cryptocurrencies could imperil Russia’s financial stability, people’ welfare, and monetary policy sovereignty, the central bank has fought with the finance ministry, which wishes to oversee Russia’s cryptocurrency industry.
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