Russia’s biggest bank to introduce its own cryptocurrency | News -

Russia’s biggest bank to introduce its own cryptocurrency

Sberbank will introduce its own cryptocurrency during Q1 of 2021. The state-owned financial institution has embarked last year upon a transformation process to become a leading tech-giant, directly competing with Yandex, the “Russian-Google”. Launching its own cryptocurrency is an additional step in creating a full “Sber” ecosystem that covers already such diverse fields such as finance and telemedicine.

Currently the Russian parliament is considering a draft amendment to the Tax Code in which cryptocurrency is recognized as property and income from operations with it is subject to taxes. At the same time however, transactions related to the circulation of cryptocurrencies are not subject to VAT. The bank’s management sees therefore the biggest opportunities for its “SberCoin” as a promissory note.
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