Russia’s Leading Neobank Considers Adding Cryptocurrency Services: Report

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

Following The Evolution

Accord­ing to the local media TASS, Tin­koff Invest­ments could enable cryp­tocur­ren­cy ser­vices to its clients soon. The head of the com­pa­ny – Dmit­ry Panchenko – not­ed that the dig­i­tal asset sec­tor is a new tech­nol­o­gy where research and devel­op­ment flour­ish. The top exec­u­tive added that the orga­ni­za­tion mon­i­tored this expan­sion and wished for a dif­fer­ent land­scape in the Russ­ian Federation.

“We are look­ing at what is in the world and what is hap­pen­ing in Robin­hood, Rev­o­lut, Pay­Pal. We see this evo­lu­tion, but in Rus­sia, this is not happening.”

The direc­tor said the vol­ume of Russ­ian assets on cryp­tocur­ren­cy exchanges is over $15 bil­lion, mean­ing that locals have been show­ing grow­ing appetites for dig­i­tal assets even if they have to stretch out­side the bor­ders of their home­land. As such, the gov­ern­ment should autho­rize local finan­cial ser­vice providers to offer prod­ucts involv­ing bit­coin and some alter­na­tive coins:

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

Rus­sians are not will­ing to employ the asset class as a pay­ment method. They see it as an “instru­ment for invest­ments and poten­tial prof­it,” Panchenko concluded.

Dmitry Panchenko
Dmit­ry Panchenko, Source: tinkoffgroup.com

BTC Better Than Gold

A recent study dou­bled down on the state­ment that res­i­dents of the largest coun­try by land­mass view cryp­tocur­ren­cies as an intrigu­ing invest­ment tool. 77% of the par­tic­i­pants said they con­sid­er bit­coin and the alt­coins as supe­ri­or to gold, while only 9% opined in favor of the pre­cious metal.

Evge­ny Masharov – the man in charge of the research – point­ed out that even though there are plen­ty of choic­es to store your mon­ey in Rus­sia, more than 50% of the investors pick dig­i­tal cur­ren­cies as a sav­ings option:

“Also indica­tive is the fact that more than half of the respon­dents invest in dig­i­tal assets in order to increase their sav­ings, despite a large num­ber of var­i­ous short-lived projects in this area.”

No Plans to Be Like China

A few months ago, the most-pop­u­lat­ed nation dis­rupt­ed the dig­i­tal asset indus­try with its (repet­i­tive) total ban on every­thing cryp­to, and many experts won­dered whether more coun­tries would fol­low suit. As Cryp­toPota­to report­ed ear­li­er this month, though, Rus­sia will not be one of them.

Alex­ey Moi­seev – the nation’s Deputy Finance Min­is­ter – said the Russ­ian Fed­er­a­tion has no plans to impose a com­plete crack­down on trad­ing with cryp­tocur­ren­cies on for­eign platforms.

How­ev­er, if local investors oper­ate with bit­coin and the alt­coins inside Rus­sia, they “will be sub­ject to bans for the entire fore­see­able future” due to the country’s mon­e­tary sov­er­eign­ty, Moi­seev specified.

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