Sberbank is trying to circumvent Russian regulations on crypto-currencies abroad

The largest bank in Russia, Sberbank is owned by the State, had announced his intention to circumvent the regulations of the Russian on the digital currency and offer encryption services to its clients abroad. The bank is studying the pairs of crypto-currencies are the most liquid and the most well-known.

Below more details about this initiative :

An attempt to bypass rules

During a press conference held this Tuesday, the head of global markets of Sberbank Andrey Shemetov said that the bank has planned to begin the exchange of crypto-currencies outside of Russia in order to avoid the violation of the rules. Sberbank is the largest bank in the country and the third in Europe. It is majority-owned by the Russian government. According to Shemetov, Russian laws prevent Sberbank to trade currencies virtual. However, the bank controlled by the State wants to be able to serve its customers in an open market, told Reuters. It is for this reason that they must have a strategic access to these products, said Shemetov.

Source : Gerd Altmann, Pixabay. Sberbank plans to circumvent the Russian rules on crypto-currencies.

He explained that in Russia, they can not trade the digital currency, but they want to satisfy the interests of customers. The Russian ministry of Finance has recently published the draft law on the regulation of digital assets in Russia, including crypto-currencies. The bill is expected to enter into force in September.

Using its swiss subsidiary

The solution of Sberbank for the encryption is its subsidiary in Switzerland, Sberbank AG, based in Zurich. Shemetov, has revealed that the swiss subsidiary is in the process of creating an infrastructure for the trading of digital currencies. He stated that they are currently putting in place the necessary organizations to allow them to offer services to customers.

In November, Sberbank has ordered a lot of graphics cards that can be used for the extraction of crypto-currencies. Moreover, this initiative has created a shortage of these products on the Russian market.

Source : NewsBitcoin