Sberbank, the largest land-owned banking concern in Russia, has reportedly filed an application with the Bank of Russian federation to launch a blockchain platform for its "Sbercoin" stablecoin.

Sergey Popov, director of the transaction business concern at Sberbank, announced the news on Jan. 21 at a local fiscal issue Russian news bureau Interfax reports.

At "Digital transformation and prospects for regulating the digital economy," Popov said that Sberbank applied with the central banking concern in early on Jan, explaining that the registration procedure usually takes no longer than 45 days. As such, the bank may launch its platform and stablecoin by the spring this year, the official said. However, Sberbank is still working out how to tax Sbercoin:

"There is a high probability that this project will be launched in the bound. There is one more issue that has not withal been fully resolved, which is connected to the taxation of digital financial assets. But we hope that this question will be resolved before long."

Popov reportedly added that Sberbank is "gear up to piece of work with such a fiat currency" from a technological standpoint then far. "We have completed an internal testing to come across that the solution works," he said.

Sberbank did not immediately respond to Cointelegraph's request for comment.

Equally previously reported, Sberbank broke the news on developing its native Sbercoin token at the end of November, post-obit long-running speculation near these plans. Sberbank's latest announcement comes soon after Russia officially adopted its crypto constabulary "On Digital Financial Assets" on Jan. one, 2021.

In tardily 2020, Anatoly Aksakov, a member of the Russian State Duma, said that the Duma's Committee on Fiscal Markets expects Russian crypto issuance to surge later on the adoption of the country's new crypto law.