Sberbank, Russia's largest bank, said it has become the first bank in the country approved to custody bitcoin. According to NS3.AI, the Bank of Russia has approved digital currency record-keeping and transfers for bitcoin and other smaller cryptocurrencies.

Sberbank said the service will first be offered to a limited number of customers before a wider rollout. Clients will access the service through existing banking platforms rather than new apps. However, the use of digital assets as payment or legal tender remains banned in Russia.