Largest Bank of Russia Stopped it’s Crypto Project Developments

Largest Bank of Russia, Sberbank has stopped its crypto project developments by halting all operations and plans of the crypto project due to the negative attitude of the Central Bank reported on 30 May 2019.

Sberbank Vice President Andrei Shemetov said at the press conference that due to the negative attitude of the Central Bank of the Russian Federation towards the crypto project, Sberbank had suspended the plans to work with cryptocurrency.

Regarding cryptocurrency, we waited for legislation that allows you to trade cryptocurrency. Since the regulator is currently looking negative, we decided to suspend this cryptocurrency plan.

– Sberbank Bank’s Vice President Andrei Shemetov

Currently, the central bank of Russia is totally against the use and adoption of cryptocurrency in the country that forced the Sberbank bank to stop its all operations and plans regarding crypto project developments.

The specific project that will be suspended by the Sberbank Bank was not specified in the official report.

This year at the end of February, Russian President Vladimir Putin orders the government of Russia to regulate the Cryptocurrency before July 2019.