November 26, 2022

Russia’s Leading Neobank Considers Adding Cryptocurrency Services: Report

3 min read

Tinkoff Investments – – the online brokerage website of the Russian bank Tinkoff – – could turn its sight towards the digital asset market due to increased client demand. Nevertheless, the institution’s director Dmitry Panchenko added that the idea is still at its early phases as Russia doesn’t have the most crypto-friendly legislation.

Following The Evolution

According to the local media TASS, Tinkoff Investments might enable cryptocurrency services to its clients quickly. The head of the business – – Dmitry Panchenko – noted that the digital possession sector is a new technology where research and development grow. The magnate added that the organization monitored this growth and longed for a various landscape in the Russian Federation.

“We are taking a look at what remains in the world and what is taking place in Robinhood, Revolut, PayPal. We see this development, however in Russia, this is not occurring.”

The director stated the volume of Russian possessions on cryptocurrency exchanges is over $15 billion, meaning that residents have been revealing growing hungers for digital assets even if they have to stretch outside the borders of their homeland. As such, the government should license local financial provider to provide products including bitcoin and some alternative coins:

“In one method or another, people get and receive outside the country. Possibly, it would be appropriate to carry out this service in the Russian field. So far, this is not possible lawfully, but the topic needs to be discussed and studied more deeply.”

Russians are not happy to use the asset class as a payment method. They see it as an “instrument for financial investments and potential revenue,” Panchenko concluded.

Dmitry Panchenko

Dmitry Panchenko, Source: BTC Better Than Gold A recent research study doubled down on the declaration that locals of the biggest country by landmass view cryptocurrencies as an interesting financial investment tool. 77% of the participants said they consider bitcoin and the altcoins as superior to gold, while only 9% believed in favor of the rare-earth element.

Evgeny Masharov– the guy in charge of the research – – pointed out that although there are a lot of choices to save your money in Russia, more than 50% of the investors choose digital currencies as a savings choice:

“Also indicative is the reality that over half of the participants purchase digital possessions in order to increase their savings, regardless of a great deal of various short-term jobs in this location.”

No Plans to Be Like China

A few months back, the most-populated country interfered with the digital possession market with its (recurring) overall ban on everything crypto, and numerous professionals wondered whether more nations would do the same. As CryptoPotato reported earlier this month, though, Russia will not be among them.

Alexey Moiseev – – the country’s Deputy Finance Minister – – stated the Russian Federation has no strategies to enforce a total crackdown on trading with cryptocurrencies on foreign platforms.

However, if regional investors operate with bitcoin and the altcoins inside Russia, they “will go through restrictions for the entire foreseeable future” due to the country’s financial sovereignty, Moiseev specified.