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Russia’s Largest Bank Scraps Crypto Plans Even with Pro-Bitcoin CEO

Sberbank, the largest bank in Russia, is scrapping its crypto plans, citing the anti-bitcoin sentiments of government regulators. Ironically, the CEO of Sberbank, Herman Gref, is a Bitcoin proponent.


However, others at Sberbank are not convinced of the merits of virtual currencies, so they’re suspending all cryptocurrency-related projects. Andrey Shemetov, the global markets head at Sberbank, made the announcement at a May 30 press conference, Tass reported.

“We waited for legislation that allows you to trade cryptocurrencies. Since the regulator is currently looking negatively [at bitcoin], we decided to suspend our cryptocurrency plans.”

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