Nikolas Sargeant
Sberbank, Russia's leading banking and technology corporation, has announced plans to launch a cryptocurrency settlements pilot program for international trade operations. The initiative, revealed at a blockchain conference on November 13, aims to commence before the end of 2024.
Pilot Program Details
Deputy Chairman Anatoly Popov confirmed the bank's commitment to exploring cryptocurrency and stablecoin settlements in foreign economic activities. "We understand the importance of using settlements with stablecoins or cryptocurrencies in foreign economic activity," Popov stated, adding that the bank is finalizing regulatory details with the Central Bank.
Regulatory Framework and Sandbox Implementation
The pilot will operate within the Central Bank's cross-border crypto settlements sandbox, established through recent legislation signed by President Vladimir Putin. This "experimental legal regime" specifically permits limited cryptocurrency use for international trade agreements.
Despite the international initiative, Sberbank CEO German Gref emphasized that domestic cryptocurrency use remains restricted. "Using cryptocurrencies for internal transactions is impossible as long as this is not permitted by law," Gref stated at the blockchain forum.
Digital Ruble Development
Alongside its crypto initiatives, Sberbank continues its involvement in Russia's digital ruble project. The bank joins a second group of financial institutions working on the CBDC, which aims for nationwide implementation by 2025. The digital ruble project includes plans for potential interoperability with other national digital currencies.
The pilot program represents a strategic move to facilitate international trade amid current sanctions, while maintaining compliance with anti-money laundering regulations. This development positions Sberbank at the forefront of Russia's evolving digital finance landscape.
