Sberbank, Russia's largest bank by assets, plans to integrate a cryptocurrency wallet and digital asset depository into its mobile applications following the expected enactment of the country's digital asset law in September.
First Deputy Chairman Kirill Tsarev said Sber aims to launch the crypto wallet within months of the legislation taking effect and have its digital depository infrastructure ready by Dec. 1, local news outlet RBC reported Monday.
Sberbank controls approximately one-third of all banking assets in Russia and operates the country's most extensive branch network, according to its website. The bank is majority-owned by the Russian government.
Tsarev said Sberbank would also consider becoming an intermediary for Russians to trade on foreign exchanges under a proposed amendment to the bill, but the final decision depends on domestic regulatory requirements and foreign exchange rules.
He added that the final launch timeline depends on the publication of the final legislation and the availability of updated Sber apps in online stores. RBC noted that Android users may receive the updated interface sooner than iOS users.
