Share this article
CEO of Russian Sberbank 'Endorses Virtual Currencies'
The head of Russia's largest bank reportedly endorsed virtual currencies this week.
Updated Sep 10, 2021, 12:04 p.m. Published Dec 13, 2013, 6:30 p.m.
The head of Russia's largest bank is said to have praised virtual currencies, suggesting that the bank may even enter the market if demand continues.
Online reports suggest that Sberbank CEO Herman Gref was bullish on virtual currencies during a discussion with journalists in Moscow this week. If there is demand for a virtual currency, the bank could move in that direction, he said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Gref is also said to have singled out Yandex Money as a first step in the direction of a virtual currency. While not itself classified as money, Yandex is an Internet payment system popular in Russia, and is supported as a payment mechanism by organisations including Skype.
For virtual currency to become mainstream, however, it would need regulation, said Gref, who was also reported as saying that virtual currency "'experiments' must end in one or two crashes" before they are firmly established. Russia has been relatively silent on regulation of virtual currencies to date.
Any endorsement of virtual currency by Sberbank would be a significant boost for its prospects in Russia and elsewhere. The organisation is the largest bank in Russia and Eastern Europe. Bulgarian bitcoin exchange BTC-E facilities fiat exchanges via Sberbank.
The news, reported on both Russian and English language-speaking websites, comes just days after Western bank JP Morgan Chase was said to be building its own digital currency for use with electronic wallets.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Arthur Hayes' Maelstrom enters 2026 at 'almost maximum risk' betting on altcoins
The fund is betting on a liquidity wave driven by U.S. deficit spending and potential money printing by the Federal Reserve, which Hayes expects to support crypto prices.
What to know:
- Arthur Hayes' Maelstrom fund has taken an "almost maximum risk" stance in 2026, focusing on risk assets like bitcoin and emerging DeFi tokens, with minimal stablecoin exposure.
- The fund is betting on a liquidity wave driven by U,S. deficit spending and potential money printing by the Federal Reserve, which Hayes expects to support crypto prices.
- Maelstrom's 2025 performance was profitable but uneven, and Hayes is now leaning into "credible" narratives supported by the broader liquidity environment.
Top Stories
