Russian banking giant Sber announces support for crypto payments

Russia’s largest lender, Sberbank, is now launching cryptocurrency payments as a service for corporate clients trading internationally.

The move coincides with the enforcement of the law “on digital currency,” which regulates coin transactions in the Russian Federation.

Sberbank starts processing cross-border payments in cryptocurrency

The biggest Russian bank by assets, Sber, has begun processing cryptocurrency payments for companies engaged in foreign economic activities.

The financial services giant made the announcement at the Eastern Economic Forum (EEF) held September 1 – 4 in the far-eastern city of Vladivostok.

Unlike traditional wires, payments between crypto wallets take only a few minutes, not days, its press service highlighted in a statement for the business news portal RBC.

At the same time, the average transaction cost is only 0.3%, which is lower than with traditional transfers, the banking behemoth emphasized, also quoted by the Vedomosti daily.

And all documents required for the bank and foreign exchange control are generated automatically during the transaction – another benefit for clients working with partners abroad.

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