Sberbank, the largest financial institution in Russia, plans to participate in an experimental program for cryptocurrency settlements this autumn.
During an interview with Reuters at the Eastern Economic Forum, Anatoly Popov, the deputy chairman of Sberbank’s board and the head of the corporate investment business unit, disclosed these intentions.
Sberbank intends to commence operations with customers in digital rubles by early 2025, according to Popov. He expressed his backing for Russian regulators’ initiatives to acknowledge cryptocurrency as a legitimate payment method for international transactions and to legalize mining activities. He stated:
There is a steady demand for payments using cryptocurrencies in the global economy.
Popov also noted that, despite the fact that cryptocurrency payments are still considered a “gray zone” in numerous countries, they could provide viable solutions for small and medium-sized enterprises.
Currently, Popov observed that an experimental legal framework for cryptocurrency settlements is in the process of being developed. The central bank is expected to establish its parameters at the beginning of this month.
The Sberbank executive added:
We are actively involved in developing regulatory mechanisms and hope to become participants in the new regime this fall.
Furthermore, Sberbank is a participant in a pilot program to introduce the digital ruble and intends to begin client operations by 2025.
Popov emphasized that the digital ruble will enable users to conduct transactions with ease by facilitating unrestricted exchanges for non-cash rubles. Additionally, he stated that cryptocurrencies are particularly well-suited for individual transactions and smaller enterprises as payment methods.
