Russia's largest retail bank is working to launch its own stablecoin. Earlier this month, Moscow-based Sberbank sent a request to Russia's central bank to issue a digital token.
Planned to be be launched later this spring, the digital token will be indexed to the Russian ruble and run on the blockchain.
Despite the good news, Russia is not the most cryptocurrency-friendly nation. Last year, a drafted law said that Russians could go to prison for three years if they didn't declare their cryptocurrencies.
Regardless of the launch of the Sberbank token, which is Russia's largest private bank, with total assets of more than $ 477.68 billion, the Bank of Russia hopes to test its own CBDC soon, by the end of this year.