The largest banking institution in Russia by assets value – Sberbank – will reportedly enable private investors to buy and sell digital currencies in the following weeks.

The entity jumped on the bandwagon a few years ago, attempting to launch several cryptocurrency projects. For one, it sought approval to issue its own digital currency and introduced the first blockchain-focused ETF in Russia. 

Sberbank Pushes Forward

As reported by a local media outlet, the bank will let customers make transactions with digital financial assets (DFA) on the Sberbank platform as early as June. The news was confirmed by Anatoly Popov – Deputy Chairman of the board – who told TASS:

“If we talk about individuals, then in the second quarter, we believe, in June, this function will open for individuals. Individuals will have the opportunity to buy digital financial assets and sell them. Accordingly, exchange them for cash.”

Sberbank initially planned to introduce the offering at the end of Q1 this year, claiming it would “bring liquidity to the bank’s platform.” Alexander Vedyakhin – First Deputy Chairman of the organization – said last year: 

“We need to give individuals the opportunity to access these platforms. Sber will give this opportunity at the end of the first quarter of 2023, maybe at the beginning of the second quarter. That is March-April. I think that the first individuals will enter our CFA platform and, accordingly, come there with liquidity.”