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Russia’s Largest Online Bank Wants to Provide Crypto Investment Services

Russia's Largest Online Bank Wants to Provide Crypto Investment Services

The Central Bank of Russia is skeptical towards crypto and will not be lanching any services on it anytime soon. However, Tinkoff, Russia’s top digital bank is interested in crypto investment services. 

Dmitry Panchenko, a presentative of Tinkoff Investments, was part of an interview with TASS, the local news agency, where he addressed this topic. He announced that the platform is involved in research and development initiatives that focus on cryptocurrency services.

There is not a particular framework for such products, everything is in its beginning stage and we are only researching now, clarifies Panchenko. The head of Tinkoff Investments did not give many details insisting that it’s still too early to talk more about the project.

Tinkoff Investments is possibly establishing the stage for study and development in terms of different ways. The company is particularly interested in crypto goods such as those offered by PayPal, the international payment giant, and crypto-friendly apps like Robinhood and Revolut.

Such Russian companies are aware of the booming crypto industry in the world, but Russia is a little behind in it. 

Authorities in Russia are not allowing such platforms to provide crypto investment services, however, this is not stopping Russians to invest in crypto on foreign platforms. 

Despite the restrictions, Russian nationals have invested more than $15 billion in cryptocurrencies on overseas exchanges, according to Panchenko.

Tinkoff, according to the executive, is ideally positioned to benefit from the adoption of Bitcoin investment services. 

The countries’ law “On Digital Financial Assets” allows people to mine, trade, and hold cryptocurrencies, however, it is prohibited to use them as an exchange for goods and services. There is also the legal definition of digital assets under this law. 

Moreover, non-qualified investors are barred from investing in or purchasing digital assets due to central bank limitations.

Panchenko believes it is critical for brokers to provide crypto assets alongside conventional investment, even when such restrictions are taken into consideration. He further noted that Tinkoff Investments may consider other ways to invest in cryptocurrencies.

According to Blockchain.News, Tinkoff bank indicated in June that it wants to offer crypto trading to its customers, but that it would take time precisely because of these restrictions. 

Oliver Hughes, the CEO of Tinkoff, indicated on June 3 that competent investors are eager to get involved with cryptocurrencies in Russia. However, as of now, the Central Bank tightened its grip on digital assets therefore they are unable to offer crypto services for the clients. 

The head of Russia’s central bank, Elvira Nabiullina, declared digital currency to be the “future of the country’s financial system,” alluding to Central Bank Digital Currencies (CBDCs) rather than cryptocurrencies. 

Also Read: Bank of Russia Turns to Bitcoin Evaluation After $36M Not Being Returned to Bank

 

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