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ZEC $1,315 Sberbank wins Bank of Russia approval to custody bitcoin
Sberbank says it can record digital currency holdings and support transfers, while crypto payments stay banned in Russia.
Key takeaways
- Payments stay banned. Russia has prohibited crypto as a form of payment since 2022.
- Rollout starts small. Sberbank will serve a limited group of customers before opening the service more widely.
- Wallet plan set in July. Sberbank said in July it planned a Bitcoin and crypto wallet by December.
What happened
Sberbank says it has received approval from the Bank of Russia to provide custody services for Bitcoin and other digital currencies. The approval allows Russia's largest bank to record digital currency holdings and support transfers between accounts.
Customers will access the service through SberBank Online, SberInvestments and SberBusiness. Sberbank said it does not plan to release a separate app, and it will start with a limited group of customers before opening the service more widely.
The bank said customers will use familiar banking tools rather than separate crypto products, and that it can now provide custody and transfer services within Russia's new regulatory structure.
Why it matters
The approval lands inside a widening set of Russian rules for digital assets. President Vladimir Putin signed a law this month covering digital currencies and digital rights, and the Bank of Russia published draft rules for crypto trading in July.
Custody is not the same as payment. The approval does not allow customers to use Bitcoin or other cryptocurrencies as legal payment inside Russia, and crypto payments have been prohibited there since 2022.
For customers, crypto activity stays inside bank interfaces that already carry identification checks and transaction monitoring, rather than in a standalone product.
Background
Sberbank first announced plans in July to launch a Bitcoin and crypto wallet by December, and said at the time that it planned digital asset custody services.
The Bank of Russia also published draft rules for crypto trading in July, and the State Duma has prepared comprehensive regulation of digital assets this year.
President Putin has previously said Bitcoin cannot be stopped, while Russian authorities continue building rules around how people and companies may use digital assets.
What is still unclear
- The reports do not say how many customers the first phase will cover, only that it will be a limited group.
- The reports do not list the smaller cryptocurrencies that fall under the approval.
- No date is given for the wider rollout, and it is not clear whether the December wallet plan remains on schedule.
Questions readers ask
Which Russian bank can custody bitcoin?
Sberbank, the country's largest bank, says it has approval from the Bank of Russia to provide custody services for Bitcoin and other digital currencies and to support transfers between accounts.
Can people in Russia use bitcoin to pay for things?
No. The approval does not allow customers to use Bitcoin or other cryptocurrencies as legal payment inside Russia, and crypto payments have been prohibited there since 2022.
How will customers access Sberbank's crypto services?
Through SberBank Online, SberInvestments and SberBusiness. Sberbank said it does not plan to release a separate app.
When will Sberbank's crypto custody launch?
The bank will start with a limited group of customers before opening the service more widely, and it has not given a date. In July it said it planned a Bitcoin and crypto wallet by December.
