Russia's Top Bank Freezes Its Crypto Developments due to Regulation Uncertainty
Main page News, Fintech, Tech, Russia, Banking, Crypto Market, Cryptocurrency
Hot topic
May 30, 2019
481 481

Russia's largest state-owned bank Sberbank has frozen all of its crypto-related developments due to the absence of the government crypto regulation, iHodl Russia reports.

Sberbank is also the largest bank in Central and Eastern Europe. As of March 31, 2019, Sberbank has more than $480 billion of total assets.

According to Sberbank Vice President Andrey Viktorovich Shemetov, the bank decided to freeze its developments since Russia still hasn't started to regulate crypto and the Central Bank is express quite certain negative position regarding crypto market in Russia.

"Regarding cryptocurrency: we were waiting for legislation that allows you to trade crypto. Since the regulator is currently negative on this question, we decided to suspend this [crypto-related developments] plan," said Shemetov.

Earlier, Russian Prime Minister Dmitry Medvedev at Plenary Session during the St. Petersburg International Legal Forum said that regulation of cryptocurrency is no longer relevant since "the popularity of crypto has decreased."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error