Leading bank of Russia Sberbank transacts $15.7M in crypto 

The majority state-owned banking and financial services company in Russia, Sberbank, has reportedly executed its first digital asset transaction on its outlet. The bank has carried out a 1 billion ruble ( approx. $15.7 million) issue along with its offshoot.

Recall that in June, TheCoinRise reported that Sber is planning to conduct its first DFA transaction in a month.

Notably, the Bank of Russia has consistently expressed doubt about the strength of cryptocurrencies. Nevertheless, the bank has left open the possibility of accepting new technologies or virtual assets. For instance, it just granted Atomyze Russia, a blockchain-based trading platform, its first operational license.

Notably, the first cash-refund transaction was carried out by the top Fintech company as well as the second lender in the nation, VTB. The innovation that surfaced in June of last year is unique to the nation.

Sberbank received its initial license to trade in digital assets in March 2021. Sberbank now issues virtual assets using blockchain technology and smart contracts, the bank said in a statement.

It’s important to note that the platform will soon be accessible to customers of the financial institution. Now, it’s believed that Russia wants to tighten regulations and increase monitoring of cryptocurrency transactions before the year is over. Top government officials claim that the Kremlin plans to keep an eye on the sector using cutting-edge technologies.

Crypto adoption in Russia

Russia has adopted the use of technology to track cryptocurrency transactions, which is referred to as “Cryptomania” by its legislative body. According to Reuters, Rosfinmonitoring, a Russian agency that keeps track of financial activities, has accepted this idea. Rosinmonitoring made a suggestion that the action will contribute to improving the effectiveness of crypto legislation in the nation.

The Central Bank of Russia has previously warned Russians against adopting cryptocurrencies, citing the market’s volatility as a major risk. The financial institution has vocally highlighted its concerns over the resilience of the market against manipulation and crisis-related factors.