Sberbank, Russia’s Largest Bank, to Launch Crypto Currency Trading for Private Investors
Sberbank, the largest banking institution in Russia in terms of assets, is set to enable private investors to buy and sell cryptocurrencies in the coming weeks. The move comes after the bank embarked on various cryptocurrency projects, including seeking approval to issue its own digital currency and introducing the first blockchain-focused exchange-traded fund (ETF) in Russia.
Initially, the bank had planned to allow private investors to trade digital assets in April but later postponed the launch to the summer. Now, according to Anatoly Popov, the deputy chairman of the board of Sberbank, individuals will be able to engage in transactions involving digital financial assets (DFA) on the bank’s platform starting from June 2023, as reported by TASS.
Popov further explained that citizens will have the ability to buy and sell CFAs (Cryptocurrency Financial Assets). He revealed that the Sberbank platform already has billions of rubles worth of CFA issues, with the number of issues steadily increasing. Furthermore, the platform expects to connect with the largest borrowers in the near future, aiming to issue digital assets worth tens of billions of rubles.
Sberbank had previously planned to grant access to individuals for CFA transactions by the end of the first quarter of 2023. Alexander Vedyakhin, the first deputy chairman of Sberbank, had expressed his belief that private investors would be interested in digital financial assets and would bring liquidity to the bank’s platform.
Prior to opening the platform to individuals, Sberbank took measures to ensure responsible investing. They developed a special scoring system to assess the quality of issuers whose digital assets private investors plan to invest in. This scoring system aims to ensure that investors make informed investment decisions.
The decision by Sberbank to enable private investors to trade digital currencies reflects the growing interest and acceptance of cryptocurrencies in Russia’s financial landscape. By providing access to digital assets, the bank is tapping into the demand from individuals looking to diversify their investment portfolios and participate in the cryptocurrency market.
As the largest banking institution in the country, Sberbank’s entry into the digital currency space is expected to have a significant impact on the adoption and mainstream acceptance of cryptocurrencies in Russia.
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