The Central Bank of Russia (CBR) has granted Sberbank, the country’s largest state-owned bank, a license to issue and exchange digital assets. It seems like a significant change of course as CBR had in the past warned that cryptocurrencies could be used for illegal activity.

Sberbank said its blockchain platform would guarantee the safety of digital transactions and would allow companies to issue their own digital assets. Using the platform, Sberbank clients can now issue their own digital assets, attract market investments, or make other digital asset-related transactions.

Sergey Popov, director of the transaction business division at Sberbank, said the bank is “just starting” its work with digital assets, adding that companies will be able to make their first transactions on its blockchain in a month.

Sberbank is a state-owned bank that is being sanctioned by the U.S. and the European Union. It holds the largest share of savings deposits in Russia and is the main creditor of the country’s economy.

 

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