Russian Sberbank to trade cryptocurrency through its Swiss subsidiary
State-run Sberbank of Russia intends to launch trade operations with cryptocurrency through its bank subsidiary in Switzerland, Sberbank Switzerlang AG, as was announced by Sberbank’s Deputy President and head of Global Markets, Andrey Shemetov, according to the RBC news.
Shemetov said that while Russian law does not permit operations with cryptocurrency, Swiss legislation allows them. “We want to serve our customers and consider that strategically we should have access to all types of products and services,” Shemetov explained.
According to the bank’s official, Sberbank was setting up a trading infrastructure. “We are preparing a full trading setup so that we can be in charge of all processes, including opening our own positions and rendering customer servicing, it other words, to buy and sell,” Shemetov said.
The financier called cryptocurrency a very risky product with high volatility, which is why Sberbank will limit its trading operations and services with cryptocurrency only to legal entities, withholding them from the larger audience.
In the middle of January, Sberbank’s CEO Herman Gref called for allowing the use of cryptocurrency and warned against excessive regulations in the field. At the same time, the CEO said it was important to educate people on the subject of cryptocurrency so that people do not perceive it as a means of savings.