Russia’s largest bank, Sberbank, plans to offer a cryptocurrency wallet and digital depository by December, bringing the financial institution into a market the country spent years trying to contain.
The new services will be added to its Sberbank Online and SberInvestments platforms after Russia adopts its bill “On Digital Currency and Digital Rights,” according to Kirill Tsarev, first deputy chairman of the bank’s management board.
The law is expected to take effect Sept. 1, according to Bank of Russia First Deputy Chairman Vladimir Chistyukhin. The wallet would give Sberbank clients access to authorized cryptocurrencies inside the bank’s own apps. Sberbank also plans to build a digital depository for storing and accounting for the tokens.
Sberbank is not the only company preparing for the changes. According to the report, VTB and T-Bank Group also plan to build digital depositories for cryptocurrency once the law comes into force. Moscow Exchange has also said it plans to launch cryptocurrency services before the end of 2026 after the legal framework is approved.
LATEST: 🇷🇺 Russia’s largest bank Sberbank plans to launch a crypto wallet and digital depository by December through Sberbank Online and SberInvestments. pic.twitter.com/m2yNlLjzFt
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