[2018-01-31]Sberbank to Bypass Russian Regulations and Trade Cryptocurrencies...

[Diced90]

Sberbank to Bypass Russian Regulations and Trade Cryptocurrencies Overseas

The largest bank in Russia, the state-owned Sberbank, has reportedly announced its plans to bypass the Russian cryptocurrency regulations and offer crypto trading to customers overseas. The bank is looking at trading pairs of the most liquid and well-known cryptocurrencies.

At a news briefing on Tuesday, Sberbank’s Head of Global Markets Andrey Shemetov said that the bank “plans to start trading cryptocurrencies outside Russia in order to avoid violating domestic rules,” Reuters reported. Sberbank is the largest bank in Russia and third largest in Europe. It is majority-owned by the Russian government.
According to Shemetov, “Russian laws bar Sberbank from trading cryptocurrencies.” However, “the state-controlled bank wants to be able to serve clients in what is a popular market for some investors,” the news outlet explained. “That’s why we think that we need to have a strategic access to these products,” he told reporters.

READ MORE https://news.bitcoin.com/sberbank-bypass-russian-regulations-trade-cryptocurencies-overseas

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[jjacob]

They might decide to allow trading outside Russia, where domestic rules and regulations do not apply, but that cannot change the fact that they are based out of Russia. The government has ways of ensuring that companies fall in line, even in conduct outside the country. With Russia, you can be very sure that they will employ all the tools available at their disposal to ensure companies toe the official line.

[CryptoBry]

They might decide to allow trading outside Russia, where domestic rules and regulations do not apply, but that cannot change the fact that they are based out of Russia. The government has ways of ensuring that companies fall in line, even in conduct outside the country. With Russia, you can be very sure that they will employ all the tools available at their disposal to ensure companies toe the official line.

That is possible knowing the kind of government that Russia has...there is always that similarity with China. But one thing we should be noting is that this bank is under the government of China so it is quite possible that they actually got subtle approval from the top to do business outside of the country first just like testing the waters and when things are going good they can have the basis to allow it within Russia. No wonder people are finding it hard to decipher the mindset of Russia but personally I thin that eventually Russia will be open for cryptocurrency under a strict legal framework to be introduced by the government. It is to their own internet and that many of their citizens (with Russians cornering 10% of the total ICO market according to one source).