The largest bank in Russia drops its crypto plans

31 May, 2019
by Joeri Cant
News
The largest bank in Russia drops its crypto plans

Sberbank, the largest bank in Russia, announced that it suspended its crypto-related plans, due to the anti-cryptocurrency sentiments of the Russian central bank.

According to local news agency TASS, Andrey Shemetov, Vice President at Sberbank announced the decision to suspend its crypto-related plans at a press conference, where he claimed that his bank had been waiting for crypto legislation that would allow it to trade cryptocurrencies.

The vice president added that due to the fact that the local financial regulator and the central bank, the Bank of Russia, continued to show anti-crypto sentiments, the bank had to cancel its plans relating to cryptocurrencies.

'We waited for legislation that allows you to trade cryptocurrencies', the VP said. 'Since the regulator is currently looking negatively at cryptocurrencies in general, we decided to suspend our cryptocurrency plans.'

Chepicap previously reported that Russian President Vladimir Putin issued a deadline for the government to adopt regulations concerning digital assets.

In the call to action, Putin lays out the need to define federal regulation that will aid in the development of a digital economy and provide a framework for oversight of digital settlements.

However, apparently, these plans were abruptly canceled when a top official warned that Bitcoin has the potential to ruin governments by facilitating the offshoring of massive amounts of money.

Already in 2017, Putin stated that Bitcoin’s anonymous network can attracts criminals and facilitates money-laundering.

'The risks include opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes', the president said at the time.

Although the central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, the Russian authority continues to puzzle the public regarding their stance towards cryptocurrency.

Stick with Chepicap for updates.

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Read more about: Bitcoin (BTC) Russia

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