Sberbank Gains Approval to Trade Cryptocurrencies
- The Bank of Russia added Sberbank to its register of authorized crypto exchange operators on October 12.
- Sberbank plans to launch its first crypto products on December 1, starting with Bitcoin, Ethereum, and USDT.
- Retail buyers in Russia face a cap of 300,000 rubles annually per intermediary and must pass a mandatory knowledge test.
- Crypto payments for goods remain illegal in Russia despite the new trading approval.
- Sberbank’s Deputy Chairman Anatoly Popov forecasts crypto trading volumes could reach up to $46 billion in the first year.
Sberbank, Russia’s largest lender, has been authorized by the Bank of Russia to buy and sell cryptocurrencies, marking a significant shift from the central bank’s previous stance against crypto activities. The bank plans to integrate these services into existing platforms like SberBank Online, providing a seamless experience for its vast user base.
With this approval, Sberbank is set to become a major player in Russia’s emerging crypto market, potentially facilitating significant trading volumes as projected by its leadership. (Source)
