Russia's Sberbank Sees Huge Potential in Crypto Trading

Russia's largest bank, Sberbank, is preparing to take advantage of the country's new digital asset rules. Deputy Chairman Anatoly Popov told state news agency TASS that cryptocurrency trading volumes in Russia could reach as much as 4 trillion rubles, or about $46.43 billion, in the first year.

This figure represents a conservative estimate, according to Popov, who noted that a large share of transactions will keep flowing through crypto exchange services that bypass formal exchange trading. The market won't fully mature within a year since professional participants have until July 1, 2027, to obtain licenses.

The bank is planning to broaden its crypto-backed lending and accept Ethereum and the stablecoin Tether (USDT) as collateral for loans, in addition to Bitcoin. However, this expansion will only come after the central bank permits these assets for public circulation.