Russia's Sberbank Gets Permission to Exchange Crypto

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Russia's Sberbank Gets Permission to Exchange Crypto
19 Mar 2022
6 min read

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News Synopsis

The central bank of Russia has granted Sberbank a license to issue and exchange crypto as sanctions hit its forex transfers. The Bank of Russia also said that the lender of its register of companies was allowed to issue digital financial assets along and also granted a license to ecosystem operator Lighthouse. 

Sberbank, which applied for the launch of Stablecoin in January, said it would allow companies to issue their own crypto assets. It will buy the released crypto assets through the blockchain-based platform and execute other transactions.

The license indicates the turning point of the Central Bank of Russia. The Central Bank of Russia requires a complete ban on the use, mining and trading of cryptography in the country. 

Western sanctions on Russia have restricted the list of currencies that can be sent to other banks abroad and  Russia.

US lawmakers have raised concerns that Russia could use crypto assets to sidestep sanctions. Democrats have proposed a bill to allow the US government to block transactions related to crypto addresses in Russia.

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