Russia's largest bank Sberbank has been approved to trade Bitcoin and other cryptocurrencies: related products will be launched on December 1

The Central Bank of Russia has included Russia's largest bank, Sberbank, in the registry of institutions authorized to trade digital currencies, allowing it to buy and sell cryptocurrencies in its own name and with its own funds. Six days ago, Sberbank was listed among digital custodians.

Sberbank plans to launch its first cryptocurrency products on December 1 through SberBank Online, SberInvestments, and SberBusiness, initially supporting Bitcoin, Ethereum, and USDT issued by Tether. The specific launch time depends on the decisions of the Central Bank of Russia and the preparation of supporting regulations. According to relevant laws, retail investors can trade up to 300,000 rubles per year through a single intermediary and must pass a knowledge test; using cryptocurrencies to pay for goods within Russia remains illegal.