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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.
The largest bank in Russia Sberbank has suspended crypto plans given the central bank’s disapproval
Ken ChigboKen ChigboIndependent Analyst

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.

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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