Russia’s Leading Neobank Considers Adding Cryptocurrency Services: Report

Tinkoff Investments, the online brokerage site of the Russian bank Tinkoff, could shift its focus to the digital asset market due to customer demand. Dmitry Panchenko, the director of the institution, said that the idea was still in its infancy as Russia does not have the most crypto-friendly legislation.

Follow The Evolution

Tinkoff Investments may soon be able to offer cryptocurrency services to clients, according to local media TASS. Dmitry Panchenko, the head of the company, stated that the digital asset industry is a new technology that allows for research and development to flourish. Top executive said that they were monitoring this expansion and hoped for a new landscape in Russia.

“We are looking at the world and what is going on in Robinhood Revolut and PayPal. This is what we see, but Russia is not experiencing this.

According to the director, the volume of Russian assets on cryptocurrency trading platforms is more than $15 billion. This means that locals are showing increasing appetites for digital assets, even though they may have to be accessed from outside their home country. The government should allow local financial service providers to offer bitcoin products and other coins.

“People receive and receive outside of their country in one way or the other. It is possible to perform this service in Russia. This is currently not legal, but it needs to be discussed more.

Russians don’t want to use the asset class for payment. Panchenko stated that they see it as an “instrument to invest and potentially profit.”

Dmitry Panchenko Source: tinkoffgroup.com

BTC is better than gold

Recent research has doubled the number of people who consider cryptocurrencies to be an attractive investment tool. 77% of participants claimed that bitcoin and altcoins are superior to gold while only 9% said otherwise.

Evgeny Maschrov, the researcher in charge, pointed out that while there are many options to store money in Russia but more than half of investors choose digital currencies for savings.

“Also, the fact that over half of respondents invest in digital assets to increase their savings is indicative, despite the many short-lived projects.”

There are no plans to be like China

A few months back, the world’s most populous nation disrupted the digital assets industry by imposing a (repetitive) ban on all crypto. Experts wondered if other countries would follow its lead. However, Russia won’t be one of them, CryptoPotato reported this month.

Alexey Moiseev, the nation’s Deputy Financial Minister, said that the Russian Federation does not intend to clamp down on cryptocurrency trading on foreign platforms.

Moiseev stated that local investors who use bitcoin or altcoins in Russia will be banned for “the entire foreseeable future” because of Russia’s monetary sovereignty.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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