Sberbank plans Swiss cryptocurrency trading operation

Sberbank plans Swiss cryptocurrency trading operation

Published at: 2018-01-31 10:16 | Author: CIJ Journal
At a time when Russia is trying to decide whether to ban crytpocurrencies or to create its own domestic version, Sberbank is setting up a crypto trading operation to service clients abroad. Rather than risk falling foul of whatever rules eventually emerge, Sberbank is using its Swiss branch for the purpose, as local laws in the country allow for the trading of cryptocurrencies. "In Russia, we cannot trade [cryptocurrency], but we want to satisfy the interests of clients, and we believe that we must have access to a wide range of products," he told the Russian news service TASS. The company will build a trading infrastructure in the Alpine nation in order to buy and sell currencies for its clients. The Russian state owns a majority of the bank.

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