Russia's largest bank enters cryptocurrency custody... Accelerates Bitcoin adoption

JOON HYOUNG LEE

Summary

Sberbank proposed to the Central Bank of Russia a regulatory change for introducing cryptocurrency custody services.
Russia announced that it is accelerating the introduction of cryptocurrencies as a means to evade economic sanctions.
Sberbank expressed willingness to play a leading role in digital asset development and to ensure the security of tokens.

Sberbank, Russia's largest bank, is entering the cryptocurrency custody market.

According to Reuters on the 17th (local time), Sberbank recently proposed changes to cryptocurrency regulations to the Central Bank of Russia. Sberbank sent this proposal to the Central Bank of Russia for the purpose of launching cryptocurrency custody services. Reuters reported, "Sberbank has expressed its intention to provide cryptocurrency custody services to play a leading role in the development of Russia's digital assets."

Since last year, Russia has been accelerating its adoption of cryptocurrencies. The decision was made based on the judgment that cryptocurrencies are suitable for circumventing economic sanctions imposed by Western powers such as the United States and the European Union (EU) due to the Russia-Ukraine war. Anatoly Pronin, Executive Director of Sberbank's Alternative Payment Solutions Division, stated, "Crypto assets will be regulated similarly to assets in bank accounts," and added, "The bank guarantees the security of tokens."

BTC