Sberbank to Join Crypto Settlement Pilot Program in Russia

Sberbank, Russia’s largest financial institution, intends to join an experimental program for cryptocurrency settlements this fall.

Russia’s largest financial institution, Sberbank, is preparing to join a pilot program for cryptocurrency settlements this fall. The bank is also aiming to begin serving clients using digital rubles by 2025.

According to a report by Reuters, Anatoly Popov, deputy chairman of Sberbank’s board and head of the corporate investment business unit, revealed these plans during an interview at the Eastern Economic Forum.

Popov said that Sberbank is aiming to join the pilot program for cryptocurrency settlements this fall. The bank is also planning to begin operations with clients in digital rubles by early 2025.

He added that the bank is supporting efforts by Russian regulators to legalize cryptocurrencies for international payments and mining.

“There is a steady demand for payments using cryptocurrencies in the global economy,” Popov said.

While cryptocurrency payments are still in a “gray zone” in many countries, they could offer solutions for small and medium-sized businesses, according to Popov.

An experimental legal framework for cryptocurrency settlements is being developed, with the central bank set to define its parameters starting earlier this month.

“We are actively involved in developing regulatory mechanisms and hope to become participants in the new regime this fall,” the Sberbank executive added.

Sberbank is also part of a pilot to implement the digital ruble and is aiming to begin client operations by 2025. The digital ruble will allow exchanges for non-cash rubles without restrictions, enabling users to make transactions freely, Popov said.

According to the deputy chairman, cryptocurrencies are more suited as payment methods for smaller businesses and individual transactions, he noted.