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Sberbank Gets License From Russian Central Bank to Issue, Exchange Digital Assets
The approval comes a short while after the Bank of Russia had advocated for a full ban on the trading and mining of cryptocurrency.
Updated May 11, 2023, 4:51 p.m. Published Mar 17, 2022, 7:21 p.m.
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Russia’s Sberbank has received a license from the Bank of Russia to issue and exchange digital assets, just two months after the Russian central bank had advocated for a full ban on trading, mining and using cryptocurrency.
- Sberbank, the country’s largest retail bank, recently said it was withdrawing from European markets after sanctions over the invasion of Ukraine began hitting Russian-exposed industries, and its Europe-based units were seeing cash outflows.
- In January, Sberbank applied for a license with Russia’s central bank to issue its own digital token for corporate clients. Sberbank sought to have the digital asset available for the companies banking with it.
Read more: Russia to Restrict Crypto Trading to Licensed Platforms, Certified Wallets
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