Russia’s Sberbank Estimates $46.4B Trading Volume in First Year of Crypto Buildout

Russia’s largest bank, Sberbank, has said it expects trading volume with its new crypto rollout to hit 4 trillion rubles ($46.43 bln) in the first year, according to reports. 

Volumes are also expected to hit 7.5 trillion rubles ($87.06 bln) by 2029, Sberbank Deputy Chairman of the Executive Board Anatoly Popov was quoted saying, as reported by Tass on Saturday. 

The forecast was deemed “conservative” according to the news report. Sberbank in July revealed plans to debut a Bitcoin and crypto wallet as well as digital asset custody by December. The Bank of Russia in July published draft regulations for crypto trading, and the State Duma is preparing the comprehensive regulation of digital assets. 

And in a Friday report, Tass quoted Sberbank Deputy Chairman Anatoly Popov saying that the bank was planning to accept Bitcoin — and other cryptocurrencies — as collateral for loans. 

Russia is fast moving ahead with regulating digital assets in the country. Russian President Vladimir Putin this month signed a law to set in stone the regulation of digital currencies and digital rights in the country. 

The new law reportedly allows only registered entities to operate as exchanges, and puts limits on the amount of crypto retail investors can use.