New York, Wednesday, September 10, 2024 – Sberbank, Russia’s largest financial institution, is set to participate in a cryptocurrency settlement pilot program this fall.
The bank plans to start working with digital rubles by early 2025, according to Anatoly Popov, Sberbank’s deputy chairman and head of corporate investment, who made the announcement during the Eastern Economic Forum.
Popov expressed strong support for Russian regulatory efforts aimed at legitimizing cryptocurrencies for international payments and mining activities. He noted that cryptocurrencies could serve as effective payment solutions, particularly for small and medium-sized enterprises amid increasing global economic demand.
While cryptocurrency payments remain in a “gray zone” in many jurisdictions, Popov highlighted their potential benefits for businesses. An experimental legal framework for crypto settlements is being developed, with the central bank expected to outline its specifics starting earlier this month.
Sberbank is also involved in a pilot project to implement the digital ruble, aiming to initiate client transactions with the digital currency by 2025. Popov emphasized that the digital ruble would enable unrestricted transactions for non-cash rubles, enhancing the ease of transactions for users. He described cryptocurrencies as well-suited for smaller transactions and individual payments.
Analysts say the bank’s move aligns with broader regulatory trends in Russia and reflects growing interest in integrating digital assets into traditional financial systems.
The development comes as global financial institutions increasingly explore digital currency solutions and regulatory frameworks.
