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Major Russian state-owned bank Sberbank has sought approval from the country’s central bank for a blockchain-based financial platform, local Russian news outlet Interfax reported on Thursday. 

According to the report, the bank has submitted an application to the Central Bank of the Russian Federation to register a blockchain platform, with plans to launch in the spring. 

“Technologically, the bank is ready to work with such fiat currency, we have tested it inside and saw that this solution works,” said deputy chairman of the Sberbank board, Anatoly Popov, per the report. 

According to Popov, the registration process will take 45 days. Popov also said the bank is still figuring out a so-called Sbercoin token or currency will be taxed.

© 2021 The Block Crypto, Inc. 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.

Quick Take

• January 2021 is setting itself up to be a record-breaking month for bitcoin and cryptocurrency market activity
• Despite centralized and decentralized exchange volumes hitting all-time-highs this month, volumes on peer-to-peer (P2P) exchanges are still lacking
• The Block Research analyzes the P2P bitcoin markets

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Treasury Secretary nominee Janet Yellen, who previously headed up the U.S. Federal Reserve, said in written testimony on Thursday that cryptocurrencies and digital assets have the potential to “improve the efficiency of the financial system.”

As she noted in her written remarks: “Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies.”

When asked specifically about her views on the potential benefits and risks, Yellen wrote:

“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems. I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities.”

“If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” she concluded.

Her comments reflect those made earlier this week during Yellen’s ongoing confirmation process, in which she struck a measured tone on the subject of cryptocurrencies. In response to one senator’s question, Yellen voiced support for curbing the illicit use of cryptocurrencies.

U.S. President Joe Biden, who was inaugurated on Wednesday, nominated Yellen to lead the Treasury Department in November. 

© 2021 The Block Crypto, Inc. 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.