Russia’s biggest bank plans to create cryptocurrency trading infrastructure by Dec. 1 as the country is set to establish rules for market participants while allowing crypto assets to be used in foreign trade operations.
Sberbank, Russia’s biggest bank, plans to build cryptocurrency trading infrastructure including a digital depository no later than Dec. 1 as the country brings crypto trading, custody and settlement into its regulated financial system.
That digital depository, Interfax reported, will record ownership of cryptocurrency and process most transactions outside of the main blockchain. Sberbank will operate active wallets for client-initiated deposits, withdrawals and transfers.
“One of the key elements of the new infrastructure will be a digital depository, which will maintain records of clients’ cryptocurrency rights and account for transactions outside the main blockchain,” said Alexander Vedyakhin, first deputy chairman of Sberbank’s management board, the state-affiliated press service said. “It will also facilitate transactions on active wallets to fulfill clients’ currency transfer orders.”
