Sberbank forecasts $46.4 billion in crypto trading volume for first year

Russia’s largest bank, Sberbank, expects its new crypto trading services to handle 4 trillion rubles (about $46.43 billion) in volume during the first year of operation, according to a report citing Deputy Chairman Anatoly Popov.

The bank also forecasts trading volume to grow to 7.5 trillion rubles (about $87.06 billion) by 2029. The projection was described as conservative by the news report.

Planned crypto services and regulations

Sberbank announced plans in July to launch a Bitcoin and crypto wallet, as well as digital asset custody services, by December. The Bank of Russia has published draft rules for crypto trading, and the State Duma is working on broader digital asset regulations.

Popov also stated that Sberbank plans to accept Bitcoin and other cryptocurrencies as collateral for loans.

Russia’s evolving crypto rules

President Vladimir Putin recently signed a law to regulate digital currencies and digital rights in Russia. The law allows only registered entities to operate as exchanges and sets limits on how much crypto retail investors can use.

However, using digital assets as payment or legal tender remains banned in Russia, a restriction in place since 2022. Despite this, Russian companies have reportedly used Bitcoin to bypass sanctions imposed after the 2022 invasion of Ukraine.

Russian authorities continue to enforce strict controls, including arrests for operating unregistered crypto exchanges, regardless of the amounts involved.

Sources

• Bitcoin Magazine
• TASS (English)
• TASS (Russian)