A major Russian bank is exploring investing in cryptocurrencies amid strong demand – News Couple
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A major Russian bank is exploring investing in cryptocurrencies amid strong demand

Tinkoff Investments, an online brokerage of Russia’s private Tinkoff Bank, is looking for crypto investment services despite the Bank of Russia’s ban on launching such tools.

Dmitry Panchenko, Head of Tinkoff Investments, claimed that the bank’s brokerage portal is considering projects related to investing in cryptocurrency, but it is too early to discuss specific ideas.

Panchenko said in an October 28 interview with local news agency TASS that the company is now working on research and development initiatives targeting a range of cryptocurrency-related services. Tinkoff Investments is looking specifically at crypto products by companies like international payment giant PayPal, as well as crypto-friendly apps like Revolut and Robinhood.

Panchenko stressed that although domestic regulators do not allow companies like Tinkoff Investments to provide crypto investment services, Russians are still actively trading cryptocurrencies on foreign platforms, and have more than $15 billion in crypto assets on the exchange:

“One way or another, people are exposed to cryptocurrency and do it outside the country. It is probably correct to provide such services within the framework of the Russian legal system. This is not legally possible today, but the issue needs to be discussed and studied in more depth.”

Panchenko added that brokerages such as Tinkoff would benefit from adopting crypto investment services. He also stressed that the bank has seen a particularly increased demand for investments in crypto rather than the use of crypto for payments, which is prohibited in Russia by the country’s crypto law “on digital financial assets.”

Tinkoff did not immediately respond to Cointelegraph’s request for comment.

Related: exec says Russian crypto market is worth $500 billion despite poor regulation

The news comes months after Tinkoff CEO Oliver Hughes claimed that the Russian Central Bank was blocking Tinkoff from offering cryptocurrency trading services. “There is no mechanism for us to offer this product to them in Russia at the moment because the central bank has this very difficult position,” Hughes said.