Russian Private Bank Struggles To Offer Crypto Trading Services

Tinkoff, a Russian private bank is having a hard time offering crypto trading services to its clients because of the harsh stance that the central bank has on digital currencies as we can see more in our latest cryptocurrency news.

Russia did legalize crypto trading back in January but the government still doesn’t allow local banks to start offering crypto services which is what Tinkoff, the largest russian Private Bank in the country said. Tinkoff CEO Oliver Hughes said that the bank is willing to offer crypto trading services but it was restrained by the central bank policies. The executive noted:

“There’s no mechanism for us to offer that product to them in Russia at the moment because the central bank has got this very tough position.”

Hughes said that the bank was seeing some growth in demand from its customers to invest in crypto like BTC and noted that there are qualified investors that know what they are doing. He also noted that there are major concerns over the use of crypto in money laundering and high volatility risks:

“Hopefully over time this will evolve and we’ll be able to achieve the aims of the central bank, making sure there’s no money laundering issues, making sure we’re protecting investors, but also offer products in a responsible way.”

Tinkoff is one of the biggest and most popular banks in Russia and was ranked third top bank by demand right after the country-backed Sberbank and VTB. The bank is known for the Tinkoff investment services that allow private investors to invest in products like stocks, bonds, and currencies. A spokesperson for Tinkoff investments said that the bank is not planning to launch crypto trading because of the legal status of crypto in Russia that was not determined yet. In legal terms, crypto isn’t money nor property which doesn’t mean it can be used as a payment.
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Russia adopted its major crypto law dubbed “Digital Financial Assets” and local regulators even initiated a partial lift on the Russian Ban of crypto payments as the DFA prohibits the use of crypto as a payment method.