Russia’s Sberbank Denies Involvement in Recently Launched ‘Sbercoin’

Sbercoin is a crypto-project. Finance has promised investors a fixed annual percentage yield of 383,025.80% on money they put in a token linked to Sberbank. Sberbank is Russia’s largest and most state-owned banking institution.

“Sbercoin,” which was advertised as the “world’s first auto-staking and USDT rewards token”, was listed on Pancakeswap last week, but has since lost most its value. It currently trades at $0.0000667474 according to Coinmarketcap.

On March 17, 2017, the SBER token was officially launched. This date marks the date that the Central Bank of Russia ( CBR), authorized Sberbank’s digital financial assets issuance, which is a term that encompasses cryptocurrencies as per current Russian law. This was done amid tightening Western sanctions following the invasion of Ukraine by Moscow.

The sbercoin issuesrs linked a Twitter article by Business Insider that covered the launch of the cryptocurrency and the licensing of Sberbank from the CBR to support their claims. The publication quoted a spokesperson from the bank, who claimed that it has no connections with the token.

In comments to Forklog, representatives of the financial institution also denied any connection. The crypto news outlet also stated that the official sbercoin had not yet been released. Herman Gref, CEO of Sberbank, revealed that the bank would be collaborating with JPMorgan in 2020 to create its own cryptocurrency.

The CBR received a request from the Moscow-based banking and financial services firm to launch a stablecoin. It was likely to be pegged to the Russian fiat, the ruble, in January 2021. A source in the financial market told Reuters that Sberbank was preparing for its sbercoin launch in February.

Russia invaded Ukraine, and then the West imposed unprecedented sanctions that targeted Russia’s financial system. Sberbank is one of the affected entities, and its future cryptocurrency is uncertain. JPMorgan declared that it is closing down its Russian business.