Russia's Sberbank Estimates $46.4B Trading Volume in First Year of Crypto Buildout

According to reporting by Bitcoin Magazine, Russia's largest bank, Sberbank, expects its new crypto rollout to achieve 4 trillion rubles, or approximately $46.43 billion, in trading volume during its first year. Sberbank Deputy Chairman Anatoly Popov stated that volumes are projected to reach 7.5 trillion rubles, or about $87.06 billion, by 2029, calling the forecast conservative. Additionally, the bank plans to accept Bitcoin and other cryptocurrencies as loan collateral and intends to launch a crypto wallet and digital asset custody by December.

Russia is advancing its regulation of digital assets. President Vladimir Putin signed a law establishing regulations for digital currencies and rights, which permits only registered entities to operate exchanges and limits retail investor usage. Using cryptocurrency as legal tender or a payment method remains prohibited in Russia, a ban in place since 2022. Following international sanctions after the 2022 invasion of Ukraine, Russian companies have utilized Bitcoin to bypass SWIFT penalties, while authorities maintain strict oversight and crack down on unregistered exchanges.