Russian Sberbank to Trade Cryptos Abroad Amid Strict Bitcoin Regulation

Russian Sberbank to Trade Cryptos Abroad Amid Strict Bitcoin Regulation

Russian presidential candidate Boris Titov, who also holds a position of a Business Ombudsman in Russia, believes that the proposed draft law on cyber money and tech trends regulation in the state is that strict that it is better not to adopt any rule than the one like this.

Indeed, there has been a lot of skepticism concerning the offered ways of crypto market control in the country. Hence, even Russia’s major state-owned bank – Sberbank – revealed its intentions to start trading cyber coins overseas.

Sberbank to Dodge Restrictions

As it has been apparent that Russian regulators are not going to permit the adoption of bitcoin and its brethren in the country as payment methods, the state-owned largest lender decided to kill two birds with one stone: get revenues from crypto trading and dodge contravention of the inner laws by entering the international cyber money stage.

According to Reuters, this week, Sberbank’s Head of Global Markets Andrey Shemetov said that the institution plans to commence trading cryptos outside Russia so as not to violate the Russian rules. Currently, the country’s legal field does not imply the use of virtual assets and regulators are unlikely to permit them entirely in the future. Nevertheless, Sberbank aims at serving customers all over the world with what is believed to be a prospective investment.

“That’s why we think that we need to have strategic access to these products,” said Shemetov.

Sberbank’s representative also hinted that the lender might enter the Swiss market, which permits cyber money trading. Therefore, the bank has started developing the project.

“Swiss laws allow cryptocurrency trading, and we are working on infrastructure to start offering these services through our Swiss subsidiary,” clarified Shemetov.

Although it remains unknown when exactly the project will be launched, it is clear that Russia does have chances in Switzerland, as Sberbank already has a branch there, with the central office in Zurich.

By the way, previously Sberbank's head Herman Gref urged Russian legislators not to ban bitcoin.