Russia’s Tinkoff Bank Could Start Providing Crypto Services

Russia’s Tinkoff Bank Could Start Providing Crypto Services

 

Russia’s Tinkoff Bank considers providing crypto services despite the not-so-great crypto environment in the country. Tinkoff Investments contemplates launching digital asset investment options to the customers so let’s find out more about it in the latest cryptocurrency news today.

Tinkoff Investments, the online brokerage as a part of Russia’s Tinkoff bank, could turn its attention towards the digital asset industry because of the increase in customer demand but the institution’s director Dmitry Panchenko added that this idea is still at its early stages as the country doesn’t have crypto-friendly legislation.

As per the local media TASS, Russia’s Neobank could enable crypto services to its clients, and the head of the company Dmitry Panchenko noted that this sector is still a new technology where the research and developments are enhancing. The top executive added that the organization monitored the expansion and wished for a much 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 noted that the volume of Russian assets on crypto exchanges is over $15 billion which means that the locals are showing a growing appetite for digital assets even though they have to stretch outside of the borders of their homeland. The government could authorize local financial service providers to offer products involving BTC and other 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.”

dmitry panchenko
Dmitry Panchenko, Source tinkoffgroup.com

Russians are not really willing to employ the asset class as a payment method and they see it as an instrument for investments and potential profit. The studies show that the residents of the country see crypto as an intriguing investment tool with 77% of the participants saying they consider BTC and altcoins as superior to gold where only 9% opined in favor of gold. Evgeny Masharov as the man in charge of the research pointed out that there are a lot of choices to store money in Russia with more than 50% of the investors picking digital currencies as a saving 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.”

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