Sberbank Begins Testing Bitcoin, Ether and USDT Trading in App

Sberbank, Russia’s largest bank, has begun testing crypto trading in its Sberbank Online app and plans to open the service to all clients on Dec. 1 if supporting regulations take effect.

The pilot covers buying, selling, depositing and withdrawing Bitcoin (BTC), Ether (ETH), Tether (USDT) and other popular cryptoassets. Similar services are planned for SberInvestments and SberBusiness.

The Bank of Russia will determine the final list of digital assets eligible for retail trading under the country’s crypto framework. The framework took effect Sept. 1 and allows regulated intermediaries, including digital depositories, brokers and exchanges, to facilitate crypto transactions.

Sberbank was among five institutions listed as initial digital depositories on Oct. 6. Those entities can record ownership and transfers of digital currencies, while crypto payments for goods and services inside Russia remain prohibited.

The next milestone is Dec. 1, when Sberbank plans to extend the tested service to all clients if the required regulations are in force.