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.”