Business 10 months ago

Jasmine Solana

Russia’s Sberbank eyes taking cryptocurrency trading overseas

For years, the Russian government has been very vocal in opposing the use and exchange of virtual currency in the country. But state-owned banking and financial services company Sberbank is looking to change all that—by taking its cryptocurrency trading products overseas.

To avoid violating domestic rules, the Moscow-based bank is reportedly planning to offer cryptocurrency trading to international customers, according to Reuters. Sberbank Head of Global Markets Andrey Shemetov said despite state laws that bar Sberbank from trading cryptocurrencies, the bank is keen on giving what its clients have been asking for.

“Swiss laws allow cryptocurrency trading, and we are working on infrastructure to start offering these services through our Swiss subsidiary,” Shemetov said at a briefing on Tuesday, according to the news outlet.

State-controlled Sberbank is the largest bank in Russia and third largest in Europe. It has a branch in Switzerland, the Sberbank (Switzerland) AG, with headquarters in Zurich.

“In Russia, we cannot trade [cryptocurrency], but we want to satisfy the interests of clients, and we believe that we must have access to a wide range of products,” Shemetov said, according to TASS.

The plan, according to the bank official, is to offer the Sberbank trading products “only to legal entities” and small number of customers. The bank is “looking at all of the cryptocurrency pairs that are the most liquid, [and] their names are known.”

“We will see what’s interesting to the clients, where is some liquidity… Obviously, we will not go into a low-liquidity crypto,” Shemetov said.

The announcement comes amid repeated warnings from the Russian central bank over cryptocurrency investments. In December, central bank officials flagged the current conditions in cryptocurrency markets as a “bubble,” and warned investors risked heavy losses from their exposure to digital assets. Russian authorities have been adamant against legalizing digital currencies such as Bitcoin as a means of payment in the country, although there are pending bills that could pave the way for regulating cryptocurrency transactions without fully banning them.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.


Add a Comment

lastest news

British MP wants Bitcoin tax payments

Business 1 hour ago

British MP wants Bitcoin tax payments

Citizens might soon be paying for their local taxes and utility bills using Bitcoin and other cryptocurrencies. A member of the British Parliament, Eddie Hughes, a conservative MP for the Walsall North constituency, wants residents ...

Read More
UNICEF to assist blockchain firms with $100M investment

Business 3 hours ago

UNICEF to assist blockchain firms with $100M investment

The United Nations International Children’s Emergency Fund (UNICEF) has pledged up to $100 million to six companies involved with blockchain technology, for delivery of various services in developing areas. The companies, who will be delivering ...

Read More
South Korea: Blockchain startup threatens to appeal ICO ban

Business 9 hours ago

South Korea: Blockchain startup threatens to appeal ICO ban

The cryptocurrency community in South Korea is not happy with the country's decision to ban initial coin offerings. According to local news, Presto, a blockchain start-up in the country, has reportedly claimed that it will ...

Read More