🏦 RUSSIA'S LARGEST BANK GETS APPROVAL TO CUSTODY BITCOIN

Russia's largest bank is moving Bitcoin directly into traditional banking infrastructure.

Sberbank says the Bank of Russia has approved it to provide:

BITCOIN CUSTODY

and facilitate transfers of digital assets.

The approval covers Bitcoin as well as other cryptocurrencies.

Customers will eventually be able to access the service through platforms they already use:

• SberBank Online
• SberInvestments
• SberBusiness

No separate crypto app is required.

Sberbank says the system will include familiar banking controls such as:

• Customer identification
• Transaction monitoring
• Reporting
• Digital asset record-keeping

The initial rollout will be limited to a smaller group of customers before broader availability.

Important distinction:

Russia has NOT made Bitcoin legal tender.

Using Bitcoin and other cryptocurrencies to pay directly for goods and services inside Russia remains prohibited.

This development is about:

CUSTODY AND TRANSFERS

not unrestricted Bitcoin payments.

Still, the infrastructure shift is significant.

Russia's largest bank can now place Bitcoin inside the same interface customers already use for traditional banking.

Bitcoin is increasingly moving from something banks connect customers to...

to something banks themselves are being authorized to custody.

@BitcoinNews