Tinkoff wants to enter the cryptocurrency market
Traditional financial institutions in various parts of the world are looking to enter the cryptocurrency market. However, some are restricted by the regulatory challenges in their countries.This is the case with Tinkoff, Russia’s biggest online bank. Oliver Hughes, Tinkoff’s CEO, told CNBC yesterday that it wants to offer cryptocurrencies to its users. The CEO said there is a massive demand for crypto assets from its clients. However, it cannot offer cryptocurrencies for now due to the strict regulatory stance from the Bank of Russia.
He stated that qualified investors who know what they are doing are seeking access to cryptocurrencies. “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.
The CEO stated that he understands the concerns over the use of cryptocurrencies in money laundering and investors who regard cryptos as get-quick-rich schemes. However, he pointed out that professional investors are becoming comfortable with cryptocurrencies. “Hopefully, over time, this will evolve, and we’ll be able to achieve the aims of the central bank, making sure there are no money laundering issues, making sure we’re protecting investors, but also offer products in a responsible way,” he added.
Cryptocurrencies are legal in Russia, but their transactions are not
Russia recognized cryptocurrencies like Bitcoin as legal, financial instruments last year. However, it banned the use of the cryptocurrencies for payments of goods and services, stating that only the Russian Ruble is considered as a legal tender in the country.Earlier this week, the Bank of Russia governor Elvira Nabiullina pointed out that digital currencies are the future of the financial system. However, she was referring to central bank digital currencies (CBDCs) and not cryptocurrencies.
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