Sberbank Builds Russian Crypto Infrastructure Amid Sanctions

Russia's largest state-owned bank Sberbank is building an institutional framework for cryptocurrency infrastructure. The centerpiece of this new system is a digital depository, which will record cryptocurrency ownership and process most transactions off the main blockchain.

The digital depository will support active wallet transactions to execute customers' currency transfer orders, said Alexander Vedyakhin, first deputy chairman of Sberbank's board.

Sberbank plans to directly operate active wallets so customers can instruct deposits, withdrawals and transfers. The new infrastructure is expected to be fully operational by December 1.