A day after reports emerged that Russian central bank legislation prevents Tinkoff Bank from providing cryptocurrency exchange services, Tinkoff CEO Alexei Kuznetsov stated that the bank will not be suspending the operation of its cryptocurrency exchange. Tinkoff Bank has not officially shut down the exchange, but now it will be forced to continue providing services through a third-party provider.
Central Bank policies have made a lot of people uneasy about cryptocurrencies like Bitcoin, so that’s why a lot of crypto exchanges are not willing to do business in Russia. At the same time, there are those who say that crypto trading will not only help the country develop, but also bring in a lot of good for the local economy.
Russia’s central bank has put Tinkoff Bank out of business, the CEO of the company has said. The bank, one of the largest in Europe for payments and a leading provider of cryptocurrency trading services, has shut down operations in the country.Tinkoff, a large Russian private bank, is trying to offer cryptocurrency trading to its customers because of the central bank’s strong stance on digital assets. Oliver Hughes, CEO of Tinkoff, said the digital bank is ready to offer trading services in cryptocurrencies, but is being held back by Bank of Russia policies, reports CNBC. The board of directors announced this on Thursday at the International Economic Forum in St. Petersburg: Currently in Russia there is no mechanism to offer them this product, because the Central Bank has a very rigid attitude. Hughes said the bank is seeing an increase in demand from its customers to invest in cryptocurrencies such as bitcoin (BTC), noting that there are qualified investors who know what they are doing. The CEO noted that there remains some concern about the use of cryptocurrencies for money laundering and the risks of high volatility. We hope that this will evolve over time and that we can meet the central bank’s objectives by ensuring that there are no money laundering problems, that we protect investors and that we offer products in a responsible way, Hughes said. According to a September 2020 Deloitte survey, Tinkoff is one of the most popular banks in Russia, ranking third after state-backed Sberbank and VTB. The bank is known for its Tinkoff Investments service, which allows retail investors to invest in products such as stocks, bonds and currency. In February, a representative of Tinkoff Investments told Cointelegraph that Tinkoff had no plans to start trading cryptocurrencies because the legal status of cryptocurrencies in Russia had not yet been clarified. Legally, cryptocurrencies are not money, property, information or payments, the spokesperson said. In January of this year, Russia officially passed its landmark crypto currency law, the Digital Financial Assets Act. Last month, local regulators initiated a partial lifting of Russia’s ban on cryptocurrency payments, with the DFA banning the use of cryptocurrencies as a means of payment.According to the Wall Street Journal , Russia’s central bank has recently ceased banking services to the Tinkoff Credit Systems, a Russian digital payment processing and exchange platform. Essentially, the ban prevents Tinkoff from offering its cryptocurrency trading service, Tinkoff Crypto. Tinkoff has been trying to launch a crypto exchange for a while, but the central bank, which is currently in charge of Russia’s banking system, has repeatedly blocked attempts to start the exchange.. Read more about amc and gamestop and let us know what you think.
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