The Digital Asset Journey
Sber, the colossal banking giant of Russia, seems to be grappling with some regulatory hiccups that make a tortoise seem speedy. The bank’s ambitious digital asset issuance platform is still awaiting approval, which was initially anticipated to roll out quicker than a hungry cat at a fish market.
CEO’s Wishful Thinking
In a recent announcement, Sber’s CEO, Herman Gref, confidently stated that the platform would be registered with the Bank of Russia by the end of 2021. “We are in constant contact with the central bank,” Gref mentioned, probably feeling a bit like a kid trying to convince his parents to let him stay up past bedtime. Meanwhile, the clock ticks ominously.
A Year of Waiting
It’s been a rollercoaster year for Sber since they initially filed their application to launch a blockchain platform for Sbercoin in January 2021. Director Sergey Popov had expressed that the registration process usually takes about 45 days—basically the time it takes for an internet-savvy squirrel to find its stash of nuts. But despite the optimistic timelines, the bank is still stuck in regulatory limbo.
Unexpected Turns in Timing
By fall 2021, Sber hoped to register its digital asset issuance platform as early as September. Spoiler alert: that didn’t happen either. The silence from Sber regarding complaints from crypto enthusiasts is louder than a silent disco. They have yet to respond to inquiries, which adds to the suspense.
Cryptocurrency: To Be or Not to Be?
The hesitation surrounding Sber’s digital plans isn’t particularly shocking. The central bank of Russia has adopted a cautious approach towards cryptocurrencies, viewing them as risky investments that do not cater to the average investor’s best interests. After all, who wants to throw their rubles into a potentially bottomless digital pit?
“Such services don’t meet the interests of investors and bear great risks.” – Bank of Russia
Might we see the Bank of Russia championing its own central bank digital currency instead? Governor Elvira Nabiullina seems to think so. In her vision, governmental digital currencies could actually replace the messier decentralized options out there—akin to a too-tidy sock drawer compared to a wild laundry basket.
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