Major Russian banks explore crypto investment amid strong demand

Tinkoff Investments, the online broker of the major Russian private bank Tinkoff, is studying cryptocurrency investment services, even though the Bank of Russia refuses the bank to launch such tools.

Dmitry Panchenko, head of Tinkoff Investments, claimed that the bank’s brokerage portal is considering projects related to cryptocurrency investment, but it is too early to discuss specific ideas.

The company is currently working on a research and development plan for a series of encryption-related services Panchenko Said In an interview with the local news agency TASS on October 28. Tinkoff Investments specializes in crypto products from companies such as international payment giant PayPal, as well as crypto-friendly applications such as Revolut and Robinhood.

Panchenko emphasized that although local regulators have not yet allowed companies like Tinkoff Investments to provide crypto investment services, Russians are still actively trading crypto on foreign platforms and have crypto assets worth more than $15 billion on exchanges:

“In any case, people are exposed to cryptocurrency and are doing it abroad. It may be correct to provide such services within the Russian legal system. This is legally impossible today, but this issue needs to be discussed and studied in more depth .”

Panchenko added that brokers like Tinkoff will benefit from adopting crypto investment services. He also emphasized that the bank’s growing demand, especially its investment in cryptocurrencies, rather than the use of cryptocurrencies for payment, Russia’s cryptocurrency law “digital financial assets” prohibits the use of cryptocurrencies for payment.

Tinkoff did not immediately respond to Cointelegraph’s request for comment.

related: The executive stated that despite weak supervision, the Russian cryptocurrency market is worth 500B USD

The news came after Tinkoff CEO Oliver Hughes claimed that the Central Bank of Russia Prevent Tinkoff from providing encrypted transactions service. “We currently don’t have any mechanism to provide them with this product in Russia, because the central bank’s position is very difficult,” Hughes said.