Sberbank Aims for Crypto Trading Volumes of Over $46 Billion
Russia's largest bank, Sberbank, is expecting significant trading volumes in its new cryptocurrency rollout. The bank estimates that it will reach $46.4 billion in crypto trading volume by the end of its first year, with a more ambitious target of $87.06 billion by 2029. This forecast was described as 'conservative' by Sberbank Deputy Chairman Anatoly Popov.
The bank plans to debut a Bitcoin and cryptocurrency wallet, along with digital asset custody services, by December this year. It will also accept cryptocurrencies such as Bitcoin as collateral for loans, according to Popov. Russia has been moving quickly to regulate its crypto market, with President Vladimir Putin signing a law in July that sets out the rules for digital currencies.
The new law restricts the use of cryptocurrencies by retail investors and only allows registered entities to operate as exchanges. However, using digital assets as a means of payment is still prohibited in Russia, despite President Putin's past praise for Bitcoin.