SBERBANK, Russia’s largest bank, Bitcoin in the face of increasing interest in crypto assets 
$118,219.28 And he plans to provide customs for crypto assets. With this step, the bank management aims to be the leader in the country’s crypto asset infrastructure. Following the rise of demand, crypto asset storage services become an important need in the sector.
SBERBANK CRIP MONEY SERVICES
Sberbank’s move came to the agenda after the Central Bank of Russia softened its attitude towards crypto assets. With the latest developments, legislation changes that allow companies in Russia to use crypto assets in international trade and thus overcome Western sanctions are supported. The flexibility in these legal regulations allows crypto beings to find a wider place in the financial system.
Anatoly Pronin, the Executive Director of the Bank, said that they offer various suggestions to the Central Bank on the regulation of Bitcoin and crypto assets. Pronin says that many banks around the world have started similar storage services and Sberbank does not want to stay back in this area.
Anatoly Pronin: “Within the scope of the project, Bitcoin and crypto assets are expected to be arranged in a similar way to traditional bank accounts. Sberbank will be responsible for the safety of the tokens with the storage task and the assets can be frozen in case of illegal activity.”
Crypto asset storage services make the process safer. Blockchain and Crypto Money Development Director Gleb Zemskoy, Insight Finance, emphasizes the importance of national storage services for Bitcoin and crypto assets. According to Zemskoy, the fact that these services are in the hands of foreign institutions is an important risk.
Gleb Zemskoy: “The storage services, which are the backbone of the crypto currency economy, are currently under the control of private foreign companies. This means an important risk.”
New Products and Investment Tools
According to a statement made by Sberbank, all transactions to be presented are carried out through Russia’s official currency Ruble and under the current legal system. The Bank plans to launch similar structured investment products and Bitcoin futures on the Moscow Stock Exchange through the Sberınvestments Platform.
These steps mean that a large financial institution in Russia offers Bitcoin -linked products for the first time within the framework of national legislation. The bank states that they follow legal regulations to expand this area further.
Crypto asset storage services, which are planned to be commissioned by Sberbank, one of Russia’s leading financial institutions, can bring a new dimension to the country’s digital financial sector. The facilitating access to digital assets for new legislation and products for corporate and individual investors may increase the diversity in the market. The safe storage of crypto assets is considered important for users and financial system. All these developments point to changes in Russia’s strategy in crypto assets.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
