Sberbank Projects $46.4B in Crypto Trading Volume in First Year

Sberbank, Russia's biggest financial institution, anticipates that its forthcoming crypto initiative will generate trading volume of 4 trillion rubles ($46.43 billion) within its initial 12 months, as per media reports.

By 2029, trading volumes are projected to reach 7.5 trillion rubles ($87.06 billion), Sberbank Deputy Chairman Anatoly Popov reportedly stated, according to a Saturday report from Tass.

The news report described the estimate as "conservative". In July, Sberbank announced intentions to launch a Bitcoin and cryptocurrency wallet, along with digital asset custody services, by December. That same month, the Bank of Russia released draft rules for crypto trading, while the State Duma is readying a full regulatory framework for digital assets.

In a separate Friday report, Tass cited Anatoly Popov as stating that Sberbank intends to accept Bitcoin and other digital currencies as loan collateral.

Russia is progressing rapidly with its digital asset regulations. This month, President Vladimir Putin enacted a law that solidifies the rules for digital currencies and digital rights within the country.

According to reports, the legislation permits only registered firms to function as exchanges and imposes caps on the amount of cryptocurrency retail investors may utilize.

Even with the new developments, the use of digital assets as payment or legal tender in Russia remains prohibited. Since 2022, crypto payments have been banned in the country.

In the past, President Putin has seemingly praised Bitcoin, stating that the foremost cryptocurrency cannot be halted.

Following Russia's invasion of Ukraine in 2022, the U.S. and European governments disconnected Russia from the SWIFT payment system, prompting Russian firms to use Bitcoin to circumvent the sanctions.

However, the Russian government maintains strict control over citizens' crypto activities, with authorities cracking down on and arresting individuals who run unregistered crypto exchanges.

The sums involved are almost irrelevant — a nuclear engineer in Sarov received an 18-year sentence for transferring roughly $13 from his crypto wallet to entities that the state classifies as terrorist organizations.