Sberbank, Russia's largest lender, plans to provide custody services for cryptocurrency assets as demand for digital currencies rises. This initiative follows the central bank's supportive stance on using bitcoin and crypto for international trade, aimed at circumventing Western sanctions. Executive director Anatoly Pronin confirmed that the bank seeks regulation aligning digital assets with traditional accounts, ensuring security and allowing law enforcement to freeze assets in investigations. The bank also introduced structured bonds linked to Bitcoin, allowing domestic transactions in rubles and aiming to mitigate risk associated with reliance on foreign custodians.
The bank's proposals would regulate bitcoin and crypto assets similarly to traditional bank accounts, acting as custodians to guarantee security and protect against hacking.
Custody services are essential for making bitcoin and crypto transactions safer, as local custody reduces risks currently handled by foreign companies.
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