The largest bank in Russia Sberbank has suspended crypto plans given the central bank’s disapproval
|- Russian central bank and local regulators are said to not be in favour of crypto-related adoption at present.
- Sberbank had been planning on entering the space, however, has now halted plans.
Sberbank, Russia's largest bank, the state-owned bank announced that it has now taken action in suspending their crypto-related business plans. The bank cited the Russian central bank’s negative stance on the industry, according to local news agency TASS.
Andrey Shemetov, Sberbank vice president detailed at a company press conference that Sberbank were initially waiting for crypto legislation that would have allowed them to trade cryptocurrencies, pending approval.
The vice president did, however, stress that the local financial regulator and the central bank, the Bank of Russia, are against the crypto space adoption at present. As such, the bank had to halt its plans relating to cryptocurrencies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.