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Sberbank announces that tt will not engage in developing Crypto-related services

  • The CEO of Sberbank has announced the institution’s decision to stay out of crypto;
  • Herman Gref said that the Sberbank never had any plans for engaging in cryptocurrencies;
  • The bank will focus on blockchain applications for its services instead of crypto.

The CEO of Sberbank (a state-owned Russian bank) has announced the institution’s decision to stay out of crypto by not creating or developing any crypto-related services. The announcement came in a local financial publication on June 7th.

Herman Gref, a former minister of economics and trade of Russia and the current CEO of Sberbank, said that the Sberbank never had any plans for engaging in cryptocurrencies. Gref also said that he considers Bitcoin to be a “technical instrument for transactions” rather than a type of investment.