Sberbank Advocates for Legalisation of Cryptocurrency Payments

Russia’s Sberbank supports the recognition of cryptocurrencies and stablecoins as legitimate payment instruments. This was stated by the bank’s Deputy Chairman of the Board and Head of Corporate and Investment Business, Anatoly Popov, in an interview with Reuters.

According to him, the legalisation of mining in Russia and the possibility of international settlements in digital currencies would be a good solution for small and medium-sized businesses under sanctions.

Popov noted that Russian companies most frequently use the stablecoin USDT in transactions.

“Market participants are not always ready to take on the risk of cryptocurrency exchange rate fluctuations. Although crypto transactions are instantaneous, which is their advantage as there are no intermediaries,” he remarked.

Sberbank plans to join the experimental legal regime for cryptocurrency use under the guidance of the Central Bank.

Simultaneously, the bank continues testing the digital ruble platform and expects to offer clients access to operations with the asset at the beginning of 2025.

Previously, Sberbank clarified the procedure for unfreezing cards after cryptocurrency transactions.