Russia’s largest state owned bank, Sberbank, has confirmed it is working on cryptocurrency related services, marking a notable development in the country’s tightly controlled digital asset landscape. Senior executives said the bank is developing offerings tied to crypto assets while coordinating closely with regulators. The confirmation follows public comments by Sberbank executives and earlier reporting that the bank has submitted proposals to the Central Bank of Russia on how crypto assets could be handled within the existing financial system. While details remain limited, officials framed the effort as cautious and structured rather than a rapid consumer rollout. Russia has restricted the domestic use of cryptocurrencies for payments, but authorities have gradually allowed limited activity tied to investment, custody, and cross border use. Sberbank’s move fits within that narrow regulatory window. Sberbank outlines scope of crypto and digital asset work Sberbank executives said the bank is focusing on infrastructure rather than open retail trading. That includes custody solutions, digital asset services, and internal testing of blockchain based products. Officials stressed that all work is being developed alongside regulators. The bank has also acknowledged testing decentralized finance related tools and digital asset mechanisms under controlled conditions. According to executives, these tests aim to understand how blockchain based systems could function inside Russia’s regulated financial framework. Sberbank did not announce direct Bitcoin buying or selling for retail customers. Instead, executives indicated that broader access would depend on future regulatory approval from the central bank and lawmakers. Regulation remains the key constraint Russia ’s central bank has historically taken a cautious view on cryptocurrencies, citing risks to financial stability and capital controls. While recent policy shifts have allowed crypto use in limited cross border and experimental settings, domestic trading remains restricted. Sberbank officials said their proposals aim to clarify how crypto assets could be stored, tracked, and reported by regulated institutions. The goal, they said, is to reduce legal uncertainty while keeping state oversight intact. For now, analysts say Sberbank’s comments should be seen as confirmation of ongoing development rather than a signal of an immediate consumer launch. Still, the involvement of Russia’s largest bank suggests that crypto infrastructure work is becoming harder for regulators to ignore. As regulatory discussions continue, Sberbank’s role may shape how far Russia allows traditional banks to interact with Bitcoin and other crypto assets under official supervision.
