Russia’s Sberbank denies involvement in recently launched ‘Sbercoin’ – Bitcoin News

Russia’s Sberbank denies involvement in recently launched ‘Sbercoin’ – Bitcoin News

Sberbank, the largest bank in the Russian Federation, has refused a connection to a new cryptocurrency called “sbercoin”. The project offers a high return to token buyers, which was launched shortly after the Bank of Russia allowed Sberbank to issue digital currencies.

Sbercoin is traded on the Pancakeswap Stock Exchange and is not issued by Sberbank

A crypto project called Sbercoin.Finance promised investors up to 383,025.80% of the fixed annual rate of return (APY) on the money they put in a token allegedly linked to Sberbank, Russia’s majority state-owned and largest banking institution.

“Sbercoin”, advertised as the world’s first auto staking & USDT rewards token ”, was listed on the decentralized Pancakeswap stock exchange last month and has since lost most of its value. According to Coinmarketcap, it is currently trading at $ 0.00006674 per coin.

The SBER token was launched on March 17, the day the Central Bank of Russia (CBR) authorized Sberbank issues digital financial assets, a term that includes cryptocurrencies under current Russian law. The move came amid tougher Western sanctions over Moscow’s invasion of Ukraine.

To substantiate their alleged affiliation with Sberbank, sbercoin publishers linked a Business Insider article on Twitter covering the launch of the cryptocurrency along with Sberbank’s licensing by the CBR. However, the publication quoted a bank spokesman as saying he had nothing to do with the token.

Representatives of the financial institution also denied such a connection in comments to Forklog. They explained that the “official sbercoin” has not been released yet, adds the crypto news. In 2020, Sberbank CEO Herman Gref revealed that the bank was joining forces with US giant JPMorgan to develop its own cryptocurrency.

In January 2021, a Moscow-based banking and financial services company submitted a request to the CBR to launch stable money, probably tied to Russia’s national fiat, the ruble. In February, a source in the financial market told Reuters that Sberbank was preparing to launch its Sbercoin.

Russia then invaded Ukraine, and the West imposed unprecedented sanctions targeting Russia’s financial system. Sberbank is among the affected entities and the future of its cryptocurrency is unclear. JPMorgan announced closes business in Russia in March.

Labels in this story

Bank, coin sbercoin, Crypto, cryptocurrencies, cryptocurrency, finance, invasion, project, Russia, Russian, Sanctions, SBER, Sberbank, sbercoin, Stablecoin, Token, Ukraine, War

Do you expect Sberbank to issue its own sbercoin in the near future? Tell us in the comments section below.

Russia’s Sberbank denies involvement in recently launched ‘Sbercoin’ – Bitcoin News

Lubomir Tassev

Lubomir Tassev is an Eastern European technology journalist who loves Hitchens’ quote: “Being a writer is what I am, not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




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