Summary:
Sberbank, Russia’s largest financial institution, to join a cryptocurrency settlement pilot program this fall.
Plans to support clients with digital rubles by 2025.
Deputy Chairman Anatoly Popov advocates for recognizing cryptocurrencies for international payments.
Cryptocurrencies are effective payment methods, especially for small businesses.
An experimental legal framework for cryptocurrency settlements is under development.
Sberbank, Russia’s largest financial institution, is set to join a cryptocurrency settlement pilot program this fall. The bank also aims to support clients with digital rubles by 2025. Deputy Chairman Anatoly Popov has voiced his backing for efforts to legitimize cryptocurrencies for international payments and mining. He emphasized the effectiveness of cryptocurrencies as payment methods, particularly for small businesses, given the growing global economic demand.
Sberbank to Join Crypto Settlement Pilot Program in Russia
Sberbank has announced its intent to participate in an experimental program for cryptocurrency settlements this fall, as revealed by Anatoly Popov during an interview with Reuters at the Eastern Economic Forum.
Popov stated that Sberbank aims to start operations with clients using digital rubles by early 2025. He expressed strong support for Russian regulators’ initiatives to recognize cryptocurrency as a legitimate payment tool for international transactions and to legalize mining activities. He mentioned:
“There is a steady demand for payments using cryptocurrencies in the global economy.”
Despite the fact that cryptocurrency payments are still in a “gray zone” in many regions, Popov believes they can provide effective solutions for small and medium-sized businesses. He highlighted that an experimental legal framework for cryptocurrency settlements is currently being developed, with the central bank poised to define its parameters starting earlier this month.
Popov added:
“We are actively involved in developing regulatory mechanisms and hope to become participants in the new regime this fall.”
Additionally, Sberbank is participating in a pilot initiative to implement the digital ruble, with operations expected to commence by 2025. Popov noted that the digital ruble will enable unrestricted exchanges for non-cash rubles, allowing for smooth transactions for users. He also pointed out that cryptocurrencies are particularly well-suited as payment methods for smaller businesses and individual transactions.
What do you think about Sberbank’s move to integrate cryptocurrency settlements and digital ruble operations? Let us know in the comments section below.
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