Due to the central bank’s tough stance on digital assets, Russia’s major private bank Tinkoff is working hard to provide cryptocurrency transactions to its customers.
Oliver Hughes, CEO of Tinkoff, said that digital banks are willing to provide encrypted transaction services, but are restricted by Russian banking policies. CNBC ReportThe executive announced the news at the St. Petersburg International Economic Forum on Thursday, stating:
“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 that the bank has seen growing customer demand for investing in cryptocurrencies such as Bitcoin.Bitcoin), and pointed out that there are “qualified investors who know what they are doing.” The CEO pointed out that there are still some concerns about the use of cryptocurrencies in money laundering and high volatility risks.
“Hopefully over time, this will change and we will be able to achieve the central bank’s goal of ensuring that there is no money laundering problem, ensuring that we protect investors, while providing products in a responsible manner,” Hughes said.
Tinkoff is one of the most popular banks in Russia. Rank According to a study by Deloitte, as of September 2020, the bank is ranked third in demand after the state-backed Sberbank and VTB. The bank is known for its “Tinkoff Investments” service. allow Private investors invest in products such as stocks, bonds and currencies.
In February of this year, a spokesperson for Tinkoff Investments told Cointelegraph that Tinkoff does not intend to launch cryptocurrency transactions because “the legal status of cryptocurrencies in Russia has not yet been determined.” “In law, encryption is not money, property, information, or means of payment,” the representative said.
Russia Officially passed its main cryptocurrency law, “On Digital Financial Assets”, January this year.Last month, local regulators Initiating partial lifting of the Russian ban Encrypted payment, because DFA prohibits the use of encryption as a payment method.