Russia's largest bank Sberbank approved to trade Bitcoin and other cryptocurrencies, related products to launch on December 1

Odaily News: On October 12, the Bank of Russia added Sberbank, the country's largest bank, to the register of institutions authorized to trade digital currencies, allowing it to buy and sell cryptocurrencies in its own name and with its own funds. Six days earlier, Sberbank had been included in the list of digital custody institutions.

Sberbank plans to launch its first cryptocurrency products on SberBank Online, SberInvestments, and SberBusiness starting December 1, initially supporting Bitcoin, Ethereum, and USDT issued by Tether. The exact launch timing depends on decisions by the Bank of Russia and the readiness of accompanying regulations.

Under relevant laws, retail investors may trade no more than 300,000 rubles per year through a single intermediary and must pass a knowledge test; using cryptocurrencies to pay for goods within Russia remains illegal. (Decrypt)