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Tinkoff’s CEO says that the Russian Central Bank policies are stopping them from offering Crypto trading. Although Russia has officially legalized Crypto trading this January, the government still doesn’t allow local banks to provide Crypto services.
Struggling to offer
Tinkoff is a major private bank in Russia. The bank is struggling to offer cryptocurrency trading to its clients due to the central bank’s tough stance on digital assets. However, Oliver Hughes, the CEO of Tinkoff, said that the bank is willing to offer Crypto trading services.
Saint Petersburg
The executive announced the news at Saint Petersburg international economic forum on Thursday. However, he stated that there is no mechanism for them to offer that product in Russia. In addition, he said that the bank had seen growing demand from its customers to invest in cryptocurrency like Bitcoin.
Qualified Investor
He also noted that there are qualified investors who know what they are doing. In addition, he said that there are still specific concerns over the use of cryptocurrencies in money laundering and high volatility risks.
Hope
He also expressed his hope that this will evolve over some time, and they will also be able to achieve the central bank aims. Moreover, they have to make sure that there are no money laundering issues. They must also protect investors by responsibly offering products.
Tinkoff
Tinkoff is one of the most popular banks in Russia. It is ranked third by demand after Sberbank and VTB as of September 2020. The bank is very well known for its Tinkoff investments, allowing private investors to invest in products like stocks, bonds, and currencies.