Deputy Chairman Popov said the product could be introduced to customers by the end of June.

Sberbank, Russia’s largest banking institution by asset value, will reportedly allow private investors to buy and sell digital currencies in the coming weeks.

A few years ago, the entity joined the trend and tried to launch several cryptocurrency projects. First, it sought approval to issue its own digital currency and launched the first blockchain-focused ETF in Russia.

Sberbank moves forward

According to local media reports, the bank will allow customers to trade with digital financial assets (DFA) on the Sberbank platform as early as June. The news was confirmed by Anatoly Popov, deputy chairman of the board of directors, who told TASS:

“If we talk about individuals, then in the second quarter, we believe, in June, this functionality will be open for individuals. Individuals will have the opportunity to buy and sell digital financial assets. So, convert them into cash.”

Sberbank had initially planned to launch the product by the end of the first quarter of this year, claiming it would “bring liquidity to the banking platform”.

The organization’s first vice-president, Alexander Vedyakhin, said last year:

"We need to give individuals the opportunity to access these platforms. Sber will give this opportunity at the end of the first quarter of 2023, maybe the beginning of the second quarter. That's March-April. I think the first group of people will come to our CFA platform and bring liquidity accordingly."

It is worth mentioning that the bank prepared a special scoring system (assessment system) for customers before issuing options. This ensures that users make conscious investment decisions and understand the existing risks.

Previous Cryptocurrency Attempts

In contrast to the hostile stance shown by the Central Bank of the Russian Federation towards the cryptocurrency sector, Sberbank seeks approval to launch its own digital asset and register a blockchain platform in 2021.

A few months later, Sberbank reached a major milestone with the creation of a blockchain exchange-traded fund (ETF) tracking leading cryptocurrency companies, including Galaxy Digital, Coinbase and Diginex. It was the first product of its kind in Russia and enabled domestic investors to engage with the industry without having to buy, sell or hold tokens.

The bank subsequently received a license in 2022 allowing it to issue and trade cryptocurrencies.

Sergey Popov, Director of Sberbank’s Trading Business Department, revealed more details:

“In a month, companies will be able to conduct the first transactions on our blockchain platform. We are just getting started with digital assets and are aware that further developments will require adjustments to the current regulatory framework. To this end, we are ready to work closely with regulators and enforcement agencies.”