Sberbank to Bypass Russian Regulations and Trade Cryptocurrencies Overseas

[Alex_nutis]

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.

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

According to a representative of the bank:
“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.

Do you understand what a paradox this is?
Officials write laws for themselves to make it easier to launder money and withdraw them from the state.

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[nickmax]

Sberbank is the state bank of Russia. I think this decision was agreed with the government. Moreover, there are still no clear laws that regulate the cryptocurrency in Russia.

[Lampaster]

Russian oligarchs ever fall into the various sanctions lists. Maybe they want using cryptocurrency to launder their income. Russia is a kleptocratic country. Therefore, the volume of stolen money is enormous. In order to cater for such volumes of the right Bank. At this time ordinary citizens have no such opportunity.

[Alex_nutis]

I have an interest. Can we use the services of a branch of a bank in Switzerland or is it available only to privileged persons? What do you think?

[Anteros]

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.

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

According to a representative of the bank:
“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.

Do you understand what a paradox this is?
Officials write laws for themselves to make it easier to launder money and withdraw them from the state.

And they plan to prohibit citizens from dealing with crypto-currencies and transfer this sphere to the hands of so-called professionals. In other words, bank brokers will trade crypto-currencies for the money that you bring to them.

[jseverson]

Could you even call that bypassing? I mean, if the law says the bank cannot trade cryptocurrencies in Russia, then they're not barred by law from selling overseas. I'd have thought bypassing, in this sense, meant that they went through some legal loophole to sell in Russia. There's no bypassing that happened here, at least in my book.

I guess it is pretty hypocritical though. The bank is majority owned by the same state which ruled that they can't trade cryptocurrencies, which also determined that it would be in its best interests to engage in overseas cryptocurrency trading. I mean, what the hell is up with that? Lol.

[Taner]

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.

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

According to a representative of the bank:
“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.

Do you understand what a paradox this is?
Officials write laws for themselves to make it easier to launder money and withdraw them from the state.

It's very strange, because it is a state-owned Bank violates the laws of their own state, so. I think it's all about imperfect laws.

[Taner1]

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.

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

According to a representative of the bank:
“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.

Do you understand what a paradox this is?
Officials write laws for themselves to make it easier to launder money and withdraw them from the state.

It's very strange, because it is a state-owned Bank violates the laws of their own state, so.

Give my account back.

This Russian guy steal my account (password reuse). Don't believe anything he says.

[Maveth13]

Could you even call that bypassing? I mean, if the law says the bank cannot trade cryptocurrencies in Russia, then they're not barred by law from selling overseas. I'd have thought bypassing, in this sense, meant that they went through some legal loophole to sell in Russia. There's no bypassing that happened here, at least in my book.

I guess it is pretty hypocritical though. The bank is majority owned by the same state which ruled that they can't trade cryptocurrencies, which also determined that it would be in its best interests to engage in overseas cryptocurrency trading. I mean, what the hell is up with that? Lol.

Sberbank has a branch in Switzerland called Sberbank AG. They're going to make the trading infrastructure there since it is legal to trade cryptocurrencies in Switzerland. Nonetheless, yes, the decision is still very hypocritical.

[JerryJam]

In Russia there is no law on the legalization of cryptocurrency way out of this situation, the government sees is to place a cryptocurrency abroad. But I believe that any actions in circumvention of the law is a violation of law. Russia is under sanctions of EU countries.So they forbid her to withdraw cryptocurrency to their banks. Way to solve this problem, the representative of Sberbank. he sees so cryptocurrency transaction to carry out, for example in a Swiss Bank. Switzerland is independent from any sanctions.

[Hydrogen]

Many banks and financial groups ban consumers from purchasing crypto currencies. This makes the global market for crypto more profitable to nations like russia who have no such regulatory restrictions.

Repeat:

#1 Many big banks and investment firms won't sell crypto currencies to their customers. This deprives them of billions in lost revenue.

#2 Russia stands to gain billions by offering services which banks & others are unwilling to offer.

This is a prime example of capitalism and free markets in action. If markets were centralized paradigms with banks having a monopoly, they could get away with not selling crypto as markets would not be decentralized enough to offer competition in that regard. However with markets being decentralized we quickly and easily have alternatives available to bank bans of crypto via russia offering the same service.

[LeGaulois]

Sbebrank is state-owned only for 50% the others are foreigners or private investors. The bank got hit hard financially after the annexation of Crimea. And before this, it also lost a lot as it was considered as the worst company when it's about support
Surely looking to collect some fresh money for... I don't know... Ukraine accused Sberbank of funding terrorism...
Citizens need help there, but the Oligarchy takes everything

[pitiflin]

There are a lot of things that one could think of when he hears of such news. Banks don't like bitcoin, bitcoin's clear motive was to eliminate the use banks /middlemen. Why is Sberbank doing so? There is some other motive behind this, a lot of banks have been accused of terrorist activity, central banks are asking for higher reserve ratios,and there is recession all over the world. There is deficient demand and banks are getting losses of millions of dollars everyday. The deposits are way too low. So if they allow crypto currency trading, a lot of new deposits would come in.

[stompix]

Wait a minute, cause this is just crazy....

So, Sberbank, which is owned by the Central Bank of Russia has decided to bypass the regulations imposed by the Central bank..

And not only that, it seems like:
https://www.bloomberg.com/profiles/people/3188432-sergey-m-ignatiev
The guy that acts as an advisor for the CB is also the Chairman-Supervisory Board of Sberbank.

This is insane.
So the advisor decides to bypass the regulations he has put in place.

Do you understand what a paradox this is?

I can see the paradox, but trying to understand it is a different thing. I give up....

[alyssa85]

Sberbank is the state bank of Russia. I think this decision was agreed with the government. Moreover, there are still no clear laws that regulate the cryptocurrency in Russia.

I googled them. They're not the central bank of Russia - just a state-owned bank. I wouldn't be surprised if this was connected to the Magnistky Act which exists in the USA, Canada, UK etc. It prevents some oligarchs from doing business in those countries through normal banking channels. But of course they could by-pass the banking system using cryptocurrencyt.

Some of these people are horrible - see Bil Browder's testimony to the US Congress about them:

https://www.c-span.org/video/?431852-1/william-browder-overturning-magnitsky-act-putins-top-priority

[Alex_nutis]

Friends, this is not all In the summer until July 1 will be adopted in Russia the law on the crypto-currency. So, if you want to laugh still, I invite you to this topic:
https://bitcointalk.org/index.php?topic=2867363

[trickyriky]

Russian oligarchs ever fall into the various sanctions lists. Maybe they want using cryptocurrency to launder their income. Russia is a kleptocratic country. Therefore, the volume of stolen money is enormous. In order to cater for such volumes of the right Bank. At this time ordinary citizens have no such opportunity.

In Russia those people who vote for banning Bitcoin or legalization of cryptocurrency, invest into various coins themselves.
So this is just games!