Kelsier Ventures CEO testifies in New York regarding LIBRA case, insists he has no connection to the project

Sberbank, Russia’s largest state-owned lender , announced its intention to offer custody services for cryptocurrency assets, according to a Reuters report on July 17. Russia's Sberbank offers custody services for Russian crypto assets https://t.co/TvWlwh3hrF https://t.co/TvWlwh3hrF — Reuters Business (@ReutersBiz) July 17, 2025 The bank’s plan reflects a growing acceptance of crypto within the country, as government institutions reconsider their earlier hardline stance. Anatoly Pronin, executive director of Sberbank’s alternative payment solutions division, revealed that proposals have already been submitted to the central bank outlining how crypto custody could be introduced under existing financial structures, Reuters reports. The proposals suggest treating digital assets similarly to traditional bank-held funds, offering both user protection and legal control. If approved, these custody services would allow tokens to be frozen upon request by law enforcement, while also reducing transaction complexity and lowering vulnerability to hacks. Geopolitical Pressures Drive Regulatory Recalibration Russia’s stance on digital currencies has been shifting in light of sanctions from Western governments tied to the conflict in Ukraine. Last year, the central bank backed legislation allowing the use of cryptocurrencies in cross-border trade, a sharp turn from its previous resistance. This pivot is seen as a way for the Russian economy to circumvent international financial restrictions. By building internal infrastructure for digital asset transactions, including custody solutions, Russian institutions are working to reduce dependence on foreign crypto firms. Gleb Zemskoy, director of blockchain development at Insight Finance, stressed the importance of local custody options, stating that no fund or serious user could operate without one, Reuters reports. He warns of the dangers of relying on international custodians, which could introduce exposure to foreign jurisdiction risks. A Domestic Custodian for a Global Market The central role of custodians in the digital finance world is becoming increasingly apparent. With the custody market currently dominated by private firms based outside of Russia, local entities like Sberbank are positioning themselves to fill that void domestically. Zemskoy describes custodians as the “backbone” of the digital economy, emphasizing the urgency of Russia developing its own infrastructure. Sberbank’s ambition is not only to safeguard clients’ tokens but to integrate crypto asset handling into the country’s broader financial network. If approved, the bank’s initiative could make it easier for businesses and consumers in Russia to conduct crypto transactions with greater trust and regulatory protection. Russian Lawmakers Pass Digital Ruble Bill Earlier this week, Russian lawmakers voted in favour of a digital ruble bill that mandates a September 2026 rollout for the CBDC. Per the state-run news agency TASS , the Duma has adopted a law on the “gradual introduction” of the digital ruble, beginning next year. Lawmakers voted in favor of the bill in its second and third readings. The bill will now pass to the Russian upper house, the Federation Council, for approval. The bill will then pass on to President Vladimir Putin, who will officially sign the bill into law. These two steps are mere formalities, however, with the law slated to come into force on September 1, 2026. This is the central bank’s new date for a nationwide rollout, following its last-gasp decision to postpone its summer 2025 CBDC launch plans.

PANews reported on July 17 that Cosmos shared its product updates and future plans since this year on the X platform. The team said it will suspend plans to launch

Key Takeaways: Pakistan and El Salvador formalize diplomatic ties with crypto at the center. Pakistan plans a national Bitcoin reserve and regulatory body for oversight. El Salvador maintains active Bitcoin purchases under an IMF deal. Pakistan and El Salvador have initiated formal diplomatic ties centered on cryptocurrency cooperation, according to a report published by Bloomberg . The partnership follows a meeting in San Salvador between Bilal Bin Saqib, special assistant to Pakistan’s prime minister on crypto and blockchain, and El Salvador President Nayib Bukele. Pakistan and El Salvador Partner for Digital Assets The discussions focused on knowledge-sharing in digital asset infrastructure and policy, while Pakistan plans to structure its crypto markets under regulatory oversight. Pakistan recently allocated 2,000 megawatts for Bitcoin mining and intends to establish a national Bitcoin reserve. The government previously launched the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee the domestic digital asset market. 🇵🇰 Pakistan creates digital assets regulator PVARA to oversee crypto industry with @cz_binance and @saylor as strategic advisors amid massive 40M users and $300B annual trading volume. #Pakistan #Crypto https://t.co/sGm3VPdu1M — Cryptonews.com (@cryptonews) July 8, 2025 Earlier this year, Saqib stated that up to 20 million Pakistanis currently hold crypto, despite ongoing caution from the country’s central bank. El Salvador adopted Bitcoin as legal tender in 2021 and continues to acquire the asset while under an International Monetary Fund (IMF) agreement. According to government figures, the country holds 6,238 Bitcoins. Tether also opened a headquarters there in January. Bitcoin Acquisition vs IMF Agreement Pakistan is currently under a $7 billion IMF program that runs through 2027. The fund has expressed concerns about state-level digital asset purchases, but El Salvador has continued its policy regardless of the terms. “Bitcoin keeps being an important project,” said El Salvador’s economy minister , Maria Luisa Hayem, when the government purchased seven Bitcoins despite the agreement with the IMF. “There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective.” By forming bilateral channels focused on infrastructure and governance, countries under IMF influence may seek greater autonomy in structuring digital asset policies without triggering compliance issues or threatening macroeconomic stability. Other emerging economies with large unbanked populations are also exploring sovereign digital asset programs, seeking to reduce reliance on foreign exchange reserves and expand financial access without altering core monetary frameworks. Frequently Asked Questions (FAQs) Could this agreement lead to joint mining or shared infrastructure between Pakistan and El Salvador? While not disclosed in current statements, both countries are actively investing in Bitcoin mining. Future collaboration could include technology transfer, operational partnerships, or coordinated infrastructure planning if aligned under bilateral frameworks. How does Pakistan’s crypto stance compare with other IMF program countries? Most IMF-supported nations have either restricted or delayed digital asset integration. Pakistan’s move to create a national reserve and regulatory authority places it ahead in formal crypto adoption among peers under similar fiscal supervision. What challenges might Pakistan face in implementing a national Bitcoin reserve? Potential obstacles include central bank resistance, volatility management, custodial infrastructure, and compliance with existing IMF conditions. Legal clarity on asset classification and secure storage mechanisms will also be essential.