THE DAILY ENCRYPT

September 30, 2022

One of Russia’s Largest Banks Sberbank Denies Any Affiliation with Recently Launched ‘Sbercoin’

Sberbank is the Russian Federation's largest bank. It has denied any connection to the new cryptocurrency "sbercoin." This project offers high returns to token buyers...
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Sberbank is the Russian Federation’s largest bank. It has denied any connection to the new cryptocurrency “sbercoin.” This project offers high returns to token buyers and was launched after Bank of Russia granted Sberbank permission to issue digital currencies.

Sbercoin traded on Pancakeswap Exchange. Not issued by SberbankSbercoin is a crypto-project. Finance has promised investors a fixed annual percentage yield of 383,025.80% on money they put in a token linked to Sberbank. Sberbank is Russia’s largest and most state-owned banking institution.

“Sbercoin,” which was advertised as “the world’s first auto-staking and USDT rewards to token”, was listed on Pancakeswap last week, but has since lost most its value. It currently trades at $0.0000667474 according to Coinmarketcap.

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On March 17, 2017, the SBER token was officially launched. This date marks the day that the Central Bank of Russia ( CBR), authorized Sberbank’s digital financial assets issuance, which is a term that encompasses cryptocurrencies as per current Russian law. This was done amid increasing Western sanctions regarding Moscow’s invasion in Ukraine.

The sbercoin issuesrs linked a Twitter article by Business Insider that covered the launch of the cryptocurrency and the licensing of Sberbank from the CBR to support their claims. The publication quoted a spokesperson from the bank, who claimed that it has no connections with the token.

In comments to Forklog, representatives of the financial institution also denied any connection. The crypto news outlet also stated that the official sbercoin had not yet been released. Herman Gref, CEO of Sberbank, revealed that the bank would be collaborating with JPMorgan in 2020 to create its own cryptocurrency.

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The CBR received a request from the Moscow-based banking and financial services firm to launch a stablecoin. It was likely to be pegged to the Russian fiat, the ruble, in January 2021. A source in the financial market told Reuters in February that Sberbank was preparing for its sbercoin launch.

Russia invaded Ukraine, and then the West imposed unprecedented sanctions that targeted Russia’s financial system. Sberbank is one of the affected entities, and its future cryptocurrency is uncertain. JPMorgan declared that it is closing down its Russian business.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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