Add as a preferred source on GoogleSberbank Plans Crypto Products After Russia Approves Trading
The bank plans to offer Bitcoin, Ether and USDT through three services beginning Dec. 1, subject to further central bank decisions and rule preparations.
Russia’s central bank added Sberbank to its register of institutions authorized to trade digital currencies on Oct. 12. Sberbank plans to begin offering crypto-linked products on Dec. 1, with timing subject to further central bank decisions and rule preparation.
The authorization allows the bank to buy and sell cryptocurrencies in its own name and with its own funds.
Sberbank plans to make its first products available through SberBank Online, SberInvestments and SberBusiness. The initial assets are Bitcoin (BTC), Ether (ETH) and Tether’s USDT.
Russian law limits retail customers to 300,000 rubles in annual crypto transactions through a single intermediary and requires them to pass a knowledge test. Using cryptocurrency to pay for goods inside Russia remains illegal.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.