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Russia’s largest bank gets license for digital assets

Recently Russia was considering banning the crypto segment. Russia said that it is not able to trace volatility and related transactions in it.
Russia’s Sbernank has been granted permission to issue and exchange Digital Finance Assets (DFA). This means that crypto and NFT holders in Russia will be able to exchange their assets through Sbernank. Russia has been at war with Ukraine since last month and due to this many countries have imposed sanctions on Russia. Because of this, Russia’s economy has become unstable and now it is trying to increase income from crypto. 
Sbernank says it will conduct DFA transactions in accordance with Russian laws after getting a license from the Bank of Russia. Sberbank made a statement“The DFAs to be issued on the Bank’s Digital Assets Platform will be recorded and circulated through an information system based on Distributed Ledger Technology, thereby ensuring data security,” it said. Russian entities will be able to purchase DFA to be issued through Sberbank’s information system. The bank explained that companies will be able to initiate transactions on its blockchain platform after a month.”We are starting work on digital assets. We look forward to working closely with the regulator and other entities,” the statement said. Recent ban on Russia crypto segment Was considering installing. Russia said that the volatility and not being able to trace the transactions associated with it are major problems. Russia has also started testing its digital currency. It is being called the ‘digital ruble’. The ruble’s value has declined significantly due to economic sanctions imposed by many countries. It has decreased by about 25 percent. The value of one ruble is close to $0.0097.

This is a record low level for the ruble. Russia is suffering due to the depreciation of the ruble, one of the world’s oldest currencies. Because of this people are buying crypto assets like bitcoin instead of ruble. Ukraine urged major crypto exchanges to ban transactions involving Russians. However, most of these exchanges have refused to do so.

 

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