Sberbank, the largest bank in Russia, anticipates that trading volume for its upcoming crypto rollout will reach 4 trillion rubles, equivalent to $46.43 billion, during its first year of operation.
As reported by Tass on Saturday, Sberbank Deputy Chairman of the Executive Board Anatoly Popov also stated that volumes are projected to climb to 7.5 trillion rubles ($87.06 billion) by 2029.
The news report described this forecast as “conservative.” Earlier in July, Sberbank announced its intention to launch a digital asset custody service and a Bitcoin and cryptocurrency wallet by December. That same month, the Bank of Russia released draft regulations for crypto trading, while the State Duma has been working on comprehensive digital asset legislation.
Additionally, Tass cited Anatoly Popov in a Friday report mentioning the bank’s plans to accept Bitcoin and other cryptocurrencies as loan collateral.
Russia is rapidly advancing its digital asset regulations. This month, Russian President Vladimir Putin signed a law formally establishing the rules governing digital rights and digital currencies throughout the nation.
According to reports, the newly enacted law restricts exchange operations strictly to registered entities and imposes restrictions on the volume of cryptocurrency retail investors are permitted to utilize.
Nevertheless, utilizing digital assets as legal tender or a medium of exchange inside Russia remains strictly prohibited. Crypto payments have been banned in the country since 2022.
President Putin has previously expressed favorable views toward Bitcoin, noting on one occasion that the primary cryptocurrency is impossible to stop.
Following the 2022 invasion of Ukraine, when U.S. and European authorities disconnected Russia from the SWIFT international payment network, Russian businesses began utilizing Bitcoin to bypass these economic sanctions.
At the same time, the Russian government maintains strict oversight over citizen cryptocurrency activity, conducting crackdowns and arresting individuals running unlicensed crypto exchanges.
The financial sums involved can be negligible; for instance, a nuclear engineer in Sarov received an 18-year prison sentence for transferring roughly $13 from his cryptocurrency wallet to organizations classified by the state as terrorist groups.
What is Sberbank’s projected crypto trading volume for the first year?
Sberbank expects its new crypto rollout to generate 4 trillion rubles ($46.43 billion) in trading volume during its first year.
When does Sberbank plan to launch its crypto wallet and custody service?
Sberbank revealed plans to debut a digital asset custody service and a Bitcoin and crypto wallet by December.
Can cryptocurrencies be used as legal tender in Russia?
No, using digital assets as a means of payment or legal tender within Russia remains banned, a prohibition that has been in place since 2022.
Does Sberbank plan to accept crypto as loan collateral?
Yes, Sberbank Deputy Chairman Anatoly Popov stated that the bank plans to accept Bitcoin and other cryptocurrencies as collateral for loans.
