The state-owned Gazprombank, might conduct a cryptocurrency pilot in Switzerland through a subsidiary later this year. Deputy chairmen of the board, Alexander Sobol, explained that because the laws pertaining to cryptocurrency are expected to be more permissive in Switzerland than in Russia, the European finance hub will offer a better environment for the project than the bank’s own country. In January 2018, Russia’s Sberbank started to work on infrastructure to start offering cryptocurrency services.