The largest state Bank of Russia will open a crypto currency exchange in Europe

The largest state Bank of Russia will open a crypto currency exchange in Europe

Sberbank, the largest Bank of the Russian Federation, plans to launch a bitcoin exchange in the Swiss branch, Sberbank Switzerland AG.

Head of global markets Bank Andrey Shemetov told RBC that the management chose Switzerland for the opening of the stock exchange, as at the moment the Russian laws do not allow conducting operations with cryptocurrencies, whereas in Switzerland cryptocurrency exchanges operate legally.

“We want to act in the interests of customers, so we consider it necessary to obtain strategic access to all types of products and services,” said Shemetov.

According to RBC, at the moment, Sberbank is developing trade infrastructure, but the Bank representative did not name the launch date of the exchange.

Cryptocurrency exchange Sberbank calculated not on the retail and institutional investors. “Exchange transactions with cryptocurrencies will be available only for legal entities,” said Shemetov, adding that investing in crypto currencies are high risk due to market volatility.

Earlier the President of Sberbank German Gref acknowledged that cryptocurrencies should not allow “under any circumstances”, calling and cryptocurrency, and the blockchain “new technologies, huge potential which at the moment to realize the impossible.”

On 25 January, the Russian government submitted a bill on the regulation of digital assets that will create a regulatory system for cryptocurrencies, ICO, mining and trade.

According to the latest version of the bill, the Ministry of Finance is going to accept the cryptocurrency trading at the legislative level. This will reduce the risk of fraud and increase tax revenues due to fiscal transparency.

As indicated on the portal Forklog devoted to cryptocurrencies, the final version of the law will be officially published no later than 1 July 2018. This means that the current version of the law may change prior to its entry into force.

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