Russia's largest bank received a license to trade in Bitcoin / The latest state of the cryptocurrency market in the world

Sberbank was included in the list of authorized institutions of the Central Bank of Russia for the exchange of digital currencies, and this license allows the largest Russian bank to trade cryptocurrency with its own name and capital. The post Russia's largest bank has received a license to trade in Bitcoin / The latest state of the cryptocurrency market in the world appeared first on Safir Arjan.

According to Ambassador Arjan, this license was issued 6 days after the central bank placed Sberbank in a separate list of digital asset custodians - companies that keep official records of ownership of cryptocurrencies. Having both licenses allows the bank to be the other party to the customer's transaction and record his assets at the same time, without needing an external trading platform.

Sberbank announced: The license to hold digital assets will enable the bank to offer cryptocurrency services on platforms that customers already use. According to the public relations department of the bank, Bitcoin, Ethereum and Tether transactions are scheduled to start on December 1st on the three platforms "Sberbank Online", "Sberbank Investments" and "Sberbusiness".

This bank announced: The implementation of the program on the set date depends on the decisions of the central bank and the preparation of supplementary regulations. With the issuance of both licenses, the preparation of these regulations will be the main factor in determining the time to start operations.

At the end of the second quarter of this year, Sberbank had 110.6 million real customers and 3.5 million legal customers. Providing cryptocurrency services on existing banking platforms means that customers can access these services from the same applications they use for everyday banking.

Anatoly Popov, the vice chairman of Sberbank's board of directors, predicted that the volume of cryptocurrency transactions in Russia will reach four trillion rubles, equivalent to about $46 billion, in the first year of the implementation of the new legal framework, and will increase to 7.5 trillion rubles, equivalent to about $89.7 billion, by 2029. This bank also plans to accept Ethereum and Tether as collateral for the loan after the Central Bank approves the entry of these assets into public circulation.

According to a law signed by Russian President Vladimir Putin in August, non-professional investors can invest up to 300,000 rubles, equivalent to about $3,800, annually in cryptocurrencies through any trading intermediary. Buyers must also pass a knowledge test. Only Bitcoin, Ethereum and Tether are included in the central bank's draft list of tradable cryptocurrencies.

In January 2022, the Central Bank of Russia, referring to the threat of cryptocurrencies to financial stability, proposed a complete ban on the use of these assets, their mining and the activity of cryptocurrency exchanges, and now this body has given permission to the largest Russian bank to operate in the field of cryptocurrency transactions. However, cryptocurrency payments are still illegal within Russia. Therefore, Sberbank customers can buy bitcoins but cannot pay for goods with them.

According to the Decrypt report, the Central Bank of Russia announced: Companies that are already registered in the relevant lists have until September 1, 2027 to fully adapt their activities to the new law.

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