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Report: Sberbank halts cryptocurrency plans

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Report: Sberbank halts cryptocurrency plans

PAO Sberbank of Russia suspended its business plans related to cryptocurrencies, news agency TASS reported May 30.

The lender's vice president, Andrey Shemetov, said it had been waiting for legislation that would allow it to trade cryptocurrencies. Since the Russian central bank has a negative view of this asset, Sberbank has halted its cryptocurrency plans.

Sberbank said in January 2018 it was working on a strategy to trade cryptocurrencies without violating Russian rules and hoped to trade cryptocurrencies overseas through its Swiss unit, Sberbank (Switzerland) AG.