Sberbank was given permission by the Russian government to create a digital currency,
The cryptocurrency world started with Bitcoin as we all know but after that, so many projects and tokens were born.
Some are really good to deal and some are frauds. However, it is always up to users to deal with them carefully.
So a cryptocurrency project named Sbercoin.Finance has been rejected by the Sberbank. As we all can see both the crypto project and the bank has similar names (Sbercoin, Sberbank) most people thought it is connected with the Russian banking giant Sberbank.
There are more reasons why people thought it is connected with Sberbank. Especially after having a blanket ban on Russia some days later, the Russian officials said they are considering launching an official digital currency.
Sberbank was given permission by the Russian government to create a digital currency.
On the same day, Sbercoin was also released. The date was March 17. Many rumors said it was a token issued by the Sberbank, it was a trial by the Sberbank. However, in case of that most people have joined this project. Those fake rumors may be paid advertisements by the Sbercoin project.
However, Sbercoin was interesting at the beginning as it promised investors to give a 383,025.80% fixed annual percentage yield (APY) and a 2.29% daily percentage. Moreover, Sbercoin says on its website that investors can get rewards every 15 minutes, and holders are auto rewarded 3% $USDT hourly.
Sbercoin was listed on the decentralized exchange Pancakeswap on March 17. After launching in a few hours Sbercoin had its all-time high price of $0.0004627. However, from the first day until now the value of Sbercoin is decreasing. Currently, Sbercoin is trading at a price of $0.00004911 according to Coinmarketcap.com.
Recently an official spokesperson said Sberbank has no link with Sbercoin, and he asked the users do not trust fraud news. Furthermore, he added that the official Sberbank coin had not been released yet and they are working on it.
Deep into Sbercoin, there are many issues with the token’s website. Mainly the website is missing the Sberbank branding and doesn’t have a Russian language section. Recently Sbercoin’s official Twitter account has been suspended.
Russia is recently having a bad laugh on its economy as we all know after Kremlin launched a war against Ukraine. With that, most of the western countries made sanctions against Russia.
In case of that many said Russia will use cryptocurrency to avoid those sanctions despite Russia having a blanket ban on Cryptocurrency.
They have been considering many new options as the Russian government says they will launch an official Russian digital currency and moreover they will be accepting Cryptocurrency payments to trade with their Oil and gas natural sources.
With all these cases The Central Bank of Russia has turned down a proposal to allow digital assets mostly cryptocurrencies for circumventing sanctions. Central bank’s First Deputy Governor Ksenia Yudaeva says It will be impossible to use cryptocurrency to circumvent sanctions because the western regulators are already making laws to prevent such transactions.
Furthermore, she said Russian companies and individual entrepreneurs should be allowed to make payments in digital currencies with foreign partners but the government should not establish a Russian national crypto infrastructure. With new rules and lawmaking, it may be useless.
Earlier Russian central bank was against Cryptocurrencies, so they had a blanket ban on cryptocurrencies. However, before the Russian attack, Russia submitted a new bill on digital currency to regulate cryptocurrency in Russia. So many officials suggest that Russia should use cryptocurrencies so even it will be helpful in the future.