By Alicia Maher
The demand for NFTs in Russia has increased over recent months. As a result, the largest bank in the country, Sberbank, has moved to allow consumers to issue NFTs on Its blockchain network.
Sberbank To Allow Consumers Mint NFTs
Anatoly Popov, the Deputy Chairman of Sberbank, recently announced at an Economic Forum that private users can Mint NFTs on Its Blockchain. This development which would occur in the Q4 of 2022, is a plus for the NFT community.
According to reports, the banking firm also wants to work with galleries and art sites nationwide. The executive said the banking giant would work with these entities on various projects.
It may also partner with sports organizations to release NFTs related to tournaments and games. RBC, a famous news media in Russia, quoted Popov as saying this is a new step for the bank.
Accordingly, the bank would run some tests to see how it would pan out. Initially, it would limit the service to moderate the amount of content.
Meanwhile, Sberbank is the largest bank in Russia, according to assets. The bank launched its blockchain platform in March.
This was after it received authorization from the Russian central bank to issue DFAs (digital financial assets). Currently, the blockchain is open only to legal entities.
However, in the Q4 of 2022, the bank will open the blockchain to private individuals. This will allow them to buy, sell, and issue DFAs on the platform.
A month after the bank launched its blockchain, it allowed companies to issue digital assets certifying financial claims. Also, it allowed them to buy assets that other companies issue on the platform and make transactions with these entities.
Russia’s State Duma To Review Crypto Law
Meanwhile, these DFA operations are carried out according to Russian legislation on DFAs. The law became effective in the country last January.
According to reports, the country’s Moscow Exchange has plans to list several DFAs on its exchange before 2023. Popov noted that NFT demand is high despite the limited availability.
Furthermore, Popov acknowledged that Russian citizens have been able to laugh at digital assets on other foreign platforms. He, however, said several questions surround the launch of NFTs.
One of them is the content that these NFT tokens represent. Although crypto regulation is taking shape in other countries, Russia has not yet released comprehensive legislation that would regulate the space.
The current crypto law in the country applies to coins with an issuer. The lower house of the Russian parliament, the State Duma, said it would review the present legislation in a few months.
Furthermore, there is also a debate about using crypto for foreign trading in Russia. Some government bodies believe the country’s Ruble should be the only currency used for trading.
A few months ago, Vladimir Putin, the President of Russia, signed a law that bans the use of crypto for buying goods and services.