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Major Russian Bank Explores Crypto Investments

Major Russian Bank Explores Crypto Investments

Tinkoff Investments, the online version of the major Russian bank called Tinkoff, is researching cryptocurrency investment services. They do this despite the Bank of Russia preventing the bank from launching such tools.

Tinkoff is going to look at, for example, PayPal and Robinhood

Dmitry Panchenko, head of Tinkoff Investments, claimed that the bank’s online portal is considering projects related to cryptocurrency investments. However, it is too early to discuss specific ideas, he added.

The company is now working on research and development initiatives focused on a range of crypto-related services, said Panchenko in an interview with the local news agency TASS. Tinkoff Investments is looking specifically at crypto products from companies like international payments giant PayPal, as well as crypto-friendly apps like Revolut and Robinhood.

Crypto Payments Still Illegal in Russia

Panchenko stressed that, despite local regulators not yet allowing companies such as Tinkoff Investments To provide crypto investment services, Russians still actively trade crypto on foreign platforms, with over $15 billion worth of crypto assets on exchanges:

“Somehow people are coming into contact with crypto and doing it outside the country. It may be appropriate to provide such services within the Russian legal system. This is not legally possible today, but the matter needs further discussion and study.”

Panchenko added that brokers like Tinkoff are benefiting from the adoption of crypto investment services. He also emphasized that the bank has seen growing demand, especially for investments in crypto. This is in contrast to using crypto for payments. Which is banned in Russia by the country’s crypto law “On Digital Financial Assets”.

The news comes months after Tinkoff’s CEO, Oliver Hughes, claimed that the Russian central bank Tinkoff Stopped From Enrolling Crypto Trading Services offer. “There is currently no mechanism for us to offer that product to them in Russia. The central bank is in this very difficult position,” said Hughes.

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