Sberbank, Russia’s largest financial institution, is set to participate in an upcoming cryptocurrency settlement pilot program launching this fall, marking a major milestone in the bank’s digital transformation efforts. The bank also plans to offer digital ruble services to clients by 2025.
Deputy Chairman Anatoly Popov revealed these developments in an exclusive interview with Reuters during the Eastern Economic Forum. He emphasized Sberbank’s commitment to aligning with Russia’s evolving regulatory framework for cryptocurrencies and the importance of legitimizing digital currencies for international payments and mining operations.
“There is a steady demand for payments using cryptocurrencies in the global economy,” Popov said, highlighting the growing relevance of digital assets in global trade and finance.
While cryptocurrency transactions currently exist in a legal “gray zone” in many jurisdictions, Popov noted that they present valuable opportunities, particularly for small and medium-sized enterprises (SMEs). He explained that Russia is drafting an experimental legal framework for cryptocurrency settlements, with the central bank already initiating discussions on the project earlier this month.
“We are actively involved in developing regulatory mechanisms and hope to become participants in the new regime this fall,” Popov added, reinforcing Sberbank’s proactive approach in shaping the future of cryptocurrency use in Russia.
In addition to its role in cryptocurrency settlements, Sberbank is also heavily involved in Russia’s digital ruble initiative. The bank aims to introduce client services for digital rubles by 2025, a move that Popov believes will streamline non-cash transactions and boost the efficiency of financial exchanges.
Digital currencies, including both cryptocurrencies and the digital ruble, provide substantial benefits to smaller enterprises and individual users by offering flexible and efficient payment solutions, according to Popov.
Sberbank’s involvement in both cryptocurrency and digital ruble initiatives reflects its strategic vision of leveraging innovative financial technologies to meet the demands of a rapidly digitizing global economy.
