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Russia's largest bank Sberbank wins approval for crypto trading, a win for adoption but not for self-custody
Sberbank plans to open crypto trading to all clients December 1st, is already testing BTC, ETH, and USDT trades in its app. Russia's central bank has added them to its register of organizations authorized to exchange digital currencies themselves and on behalf of their customers. The customer launch has not happened today. They're testing it, but it will. There's 9 organizations actually that can do this, including Sberbank, VTB, and T-Invest Labs. Access and freedom are entirely separate dimensions. A regulated banking channel can expand participation while increasing oversight and restrictions on how assets move, which flies directly in the face of the ethos of crypto in general, especially Bitcoin. You will buy exposure to Bitcoin, ETH, but that doesn't mean that you have self-custody of them or that you can transfer those assets out. It's really, really strange time in crypto right now where we cheer the institutions that crypto was created as a hedge or an alternative to, because it might make the number go up and we want to see adoption.
#Sberbank #Crypto
Sberbank plans to open crypto trading to all clients December 1st, is already testing BTC, ETH, and USDT trades in its app. Russia's central bank has added them to its register of organizations authorized to exchange digital currencies themselves and on behalf of their customers. The customer launch has not happened today. They're testing it, but it will. There's 9 organizations actually that can do this, including Sberbank, VTB, and T-Invest Labs. Access and freedom are entirely separate dimensions. A regulated banking channel can expand participation while increasing oversight and restrictions on how assets move, which flies directly in the face of the ethos of crypto in general, especially Bitcoin. You will buy exposure to Bitcoin, ETH, but that doesn't mean that you have self-custody of them or that you can transfer those assets out. It's really, really strange time in crypto right now where we cheer the institutions that crypto was created as a hedge or an alternative to, because it might make the number go up and we want to see adoption.
#Sberbank #Crypto
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