The permission comes just a few weeks after the Bank of Russia urged for a complete ban on cryptocurrency trade and mining.
Sberbank of Russia has been granted a licence by the Bank of Russia to produce and exchange digital assets, just two months after the Russian central bank called for a complete ban on cryptocurrency trading, mining, and use.
Sberbank, Russia’s largest retail bank, recently announced its withdrawal from European markets as sanctions imposed in response to the invasion of Ukraine damaged Russian-exposed companies, causing cash outflows at its European subsidiaries.
Sberbank appealed to Russia’s central bank for a licence to produce its own digital token for corporate clients in January. Sberbank aimed to make the digital asset available to the bank’s customers.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.