Sberbank Plans Major Crypto Infrastructure for December

Sberbank is on track to finish its new crypto infrastructure by December. The project aims to provide a digital depository that tracks user rights and records transactions that happen off the blockchain. The bank also intends to manage wallet transfers to help clients process their orders efficiently.

This move aligns with ongoing efforts in the Russian State Duma to finalize a comprehensive legal framework for digital assets. Lawmakers are currently working on rules that will govern retail crypto purchases, exchange operations, and the licensing of intermediaries. Alexander Vedyakhin of Sberbank stated that the bank is prepared to assist regulators in defining the necessary standards for bookkeeping and depository accounting.

While Russia has prohibited crypto for domestic payments since 2022, the government has shown interest in using digital assets for international trade. Recent laws have already opened doors for domestic mining operations and cross border settlements. As the regulatory environment becomes clearer, Sberbank and other major financial institutions are positioning themselves to offer formal crypto services to investors.