Russia’s Central Bank Authorizes Sberbank to Exchange Cryptocurrencies

According to Bitcoin Magazine, Russia’s central bank has added Sberbank to its register of organizations authorized to exchange digital currencies. Earlier this month, Sberbank was added to the list of digital depositories to keep a record of cryptocurrencies and digital rights. Sberbank joins eight other organizations on the exchange register, including VTB and T-Invest Lab, as reported by Interfax.

Sberbank previously announced approval to custody bitcoin, covering bitcoin and other cryptocurrencies for digital currency record-keeping and transfer facilitation. Sberbank stated this status permits services organizing digital currency circulation on existing client interfaces. Under a law effective September 1, a legal framework was established for cryptocurrency circulation in Russia. Organizations have been able to apply to the CBR for corresponding licenses since October 5. Unqualified investors may purchase bitcoin and other cryptocurrencies up to 300,000 rubles annually via one intermediary, while qualified investors have broader access. Sberbank plans to debut its crypto wallet in December, coinciding with the Moscow Exchange launching crypto trading.