Russia’s state-owned Sberbank abandons crypto plans: Cites Bank of Russia negative stance on cryptos


  • Bank of Russia still stands against the idea of allowing the adoption of digital assets.
  • Sberbank Switzerland AG announced in January 2018 of plans to launch cryptocurrency exchange services.

The largest bank in Russia is reported to have halted all its crypto-related plans following the country’s central bank’s negative take on digital asset according to a report published by TASS, a local news agency on May 30.

In a recent press conference Sberbank vice president Andrey Shemetov made public the intentions of the bank for cryptocurrencies noting that it was waiting for legislation that would give it mandate to start trading cryptocurrencies.

However, Andrey Shemetov said that both the financial regulator and the Bank of Russia had stood against the idea of allowing adoption of digital assets. In this case, the bank stopped all the plans it was having for cryptocurrencies.

The report by TASS did not provide details of the projects Sberbank was working on. A Swiss-based subsidiary of the bank Sberbank Switzerland AG announced in January last year that it was planning to enter the crypto space by offering cryptocurrency exchange services. Switzerland was the region of choice due to unclear regulations in Russia.

 

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