• Bitcoin pieces on a stack of Russian rubles
    Bitcoin,  Cryptocurrencies,  Europe

    Russia’s biggest bank opens a cryptocurrency exchange in a country notorious for secrecy

    What could go wrong?

    Russia’s love affair with cryptocurrency is being consummated in Switzerland. Sberbank, the largest bank in Russia, is planning to use Swiss arm Sberbank Switzerland AG to open a formal exchange for trading cryptocurrency. Despite having no cryptocurrency legislation at present, Russia’s regulatory environment is so far extremely favorable. There is a proposed framework in place for how the country might regulate cryptocurrency trading. But it’s got nothing on Switzerland, notorious for its history of banking secrecy. Where Russia merely hasn’t outlawed crypto, Switzerland has formally legalized it. By operating its exchange in Switzerland, Sberbank gets more money privileges to flex for its soon-to-be crypto-customers. “We wish to serve our customers’…