Russia’s Sberbank Sets December Deadline for Crypto Buildout: Report
Bitcoin Magazine Russia’s Sberbank Sets December Deadline for Crypto Buildout: Report Russia’s largest bank, Sberbank, will build crypto infrastructure by December, according to a report by Russian news agency Interfax. A key piece will be a digital depository that tracks clients’ crypto rights an
Source: Bitcoin Magazine
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DW NOTE
Sberbank plans to launch a crypto depository by December that records client holdings off-chain while executing wallet transfers — which is to say, they're building a permissioned ledger where Russians can trade IOUs for Bitcoin they don't control. The digital depository will "track clients' crypto rights," which sounds less like self-custody and more like the same rent-seeking intermediation that made blockchain appealing in the first place.