Russia’s Sberbank Sets December Deadline for Crypto Buildout: Report
Bitcoin Magazine
Russia’s Sberbank Sets December Deadline for Crypto Buildout: Report
Russia’s largest bank, Sberbank, will build crypto infrastructure by December, according to a report by Russian news agency Interfax.
A key piece will be a digital depository that tracks clients’ crypto rights and records off-blockchain transactions, while also handling wallet transfers to execute client orders, Interfax reported Monday.
Sberbank this month revealed plans to debut a Bitcoin and crypto wallet plus digital asset custody by December.
The news comes as the State Duma mulls over a new law “On Digital Currencies and Digital Rights,” which sets up comprehensive Russian regulation of crypto. The proposed law covers retail purchases through licensed intermediaries, exchange trading, clearing, and digital depositories.
First Deputy Chairman Alexander Vedyakhin was quoted as saying in the article that regulators and the market still need to draft numerous implementing regulations covering depository accounting, bookkeeping, and licensing for new types of intermediaries.
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