Russia’s Sberbank Given Green Light to Custody Bitcoin
By Mathew Di Salvo
AI summary of the source article
Russia's largest bank, Sberbank, has received regulatory approval from the Bank of Russia for digital currency record-keeping and facilitating transfers of bitcoin and other cryptocurrencies. Sberbank will integrate cryptocurrency transactions directly into its existing SberBank Online, SberInvestments, and SberBusiness platforms, starting with a limited group of customers prior to a broader rollout. The move follows recent legislation signed by Russian President Vladimir Putin establishing the regulation of digital currencies and digital rights. Even with the custody approval, the use of digital assets as legal tender or for payments remains strictly banned under Russian law.
Why it matters
The decision integrates cryptocurrency custody and transfers into Russia's mainstream banking system while keeping digital currency payment prohibitions in place.
Key facts
- Sberbank received Bank of Russia approval for digital currency record-keeping and asset transfers, starting with Bitcoin.
- Crypto transactions will be integrated into SberBank Online, SberInvestments, and SberBusiness without introducing new apps.
- Using cryptocurrency as a means of payment or legal tender remains prohibited in Russia.