Russias Sberbank Plans to Launch Bitcoin and Crypto Custody Services
Sberbank, Russias largest lender, plans to offer custody services for cryptocurrency assets, aiming to lead the countrys digital asset infrastructure as demand for bitcoin and crypto services grows.
The move comes as Russias central bank has softened its stance on digital assets, recently supporting legislation that allows businesses to use bitcoin and crypto in international trade to bypass Western sanctions imposed on Russia over its conflict in Ukraine.
The executive director of Sberbank Anatoly Pronin said the bank has submitted proposals to the central bank regarding the regulation of bitcoin and crypto assets. He noted that more banks globally are starting to offer custody services, and Sberbank wants to ensure Russia isnt left behind.
Pronin explained that the banks proposals would regulate bitcoin and crypto assets similarly to traditional bank accounts. Sberbank would act as a custodian, guaranteeing the security of tokens and providing safeguards against hacking and unauthorized access. Assets could also be frozen if law enforcement suspects illegal activity.
Custody services are essential for making bitcoin and crypto transactions safer. Gleb Zemskoy, director of blockchain and digital currency development at Insight Finance, emphasized the importance of local custody, saying, The custodian is the backbone of the worlds economy in terms of cryptocurrencies. And at the moment, it is in the hands of private foreign companies, which indicates a huge risk.
On June 2, the bank also launched a structured bond linked to the performance of Bitcoin and the USD-to-ruble exchange rate. The product allows qualified investors to earn returns based on BTC price movement and the dollars strength.
All transactions are processed in rubles within Russias legal and infrastructure systems, Sberbank stated.
https://bitcoinmagazine.com/news/russias-sberbank-plans-to-launch-bitcoin-and-crypto-custody-services That's good news for Bitcoin - the more hodlers the better. As an aside, every time I saw the Sberbank name in the past I wondered if they had a rigorous enough name validation process or it was more like Homer Simpson's process when he named Bart... "
Let's see... Bart, Cart, Dart, E-art... Nope! Can't see any problem with that!" Anyway, I don't suppose they care what I think but...
They probably should have gone with cбepeгaт бaнк instead - just my two sats.
