Russia’s two largest banks are now testing Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Alfa-Bank and Sberbank are testing crypto investment options for their retail investors. The currencies will be tested on the regulatory sandbox platform designed by the Bank of Russia.
Not all the digital assets were named but the statement given said that those chosen accounted for “75% of the capitalization of all digital assets in the world.”
The allure of cryptocurrencies is working its magic at governments and banks around the world. The nations of Singapore, Vietnam and Malta have incentivized banks and crypto-exchanges to set up shop and to operate with economic freedom that is unheard of in most countries today.
Russia had been on the fence in regards to cryptocurrency; due to the country’s uncertainty, many banks were reluctant to integrate cryptocurrencies into their operations. However, in January Sberbank announced its intentions to open its own crypto-exchange options via its Swiss Branch. It also made a bigger announcement in May of this year, that it would pilot Russia’s first Initial Coin Offering (ICO) in partnership with the National Settlement Depository (NRD) via the Central Bank’s regulatory sandbox.