Sberbank Gets License From Russian Central Bank to Issue, Exchange Digital Assets

Russia’s Sberbank has received a license from the Bank of Russia to issue and exchange digital assets, just two months after the Russian central bank had advocated for a full ban on trading, mining and using cryptocurrency.

Sberbank, the country’s largest retail bank, recently said it was withdrawing from European markets after sanctions over the invasion of Ukraine began hitting Russian-exposed industries, and its Europe-based units were seeing cash outflows.
In January, Sberbank applied for a license with Russia’s central bank to issue its own digital token for corporate clients. Sberbank sought to have the digital asset available for the companies banking with it.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.