Russia’s Sberbank, the country’s largest bank, plans to create cryptocurrency trading infrastructure including a digital depository by December 1. This digital depository will record client ownership rights and process most transactions outside the main blockchain. The Bank of Russia will have broad oversight of the regulated market, with high liquidity thresholds requiring an average market capitalization exceeding 5 trillion rubles and an average daily volume above 1 trillion rubles over two years. The European Union has simultaneously sanctioned cryptocurrency exchange HTX, formerly Huobi Global, for helping Russia evade sanctions.
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