Russia will always remain a controversial country regarding cryptocurrencies. Government officials and financial institutions maintain conflicting opinions on assets like Bitcoin and Ethereum. Nevertheless, customers of Tinkoff Investments may soon gain exposure to cryptocurrencies, even though the Bank of Russia prohibits such forays.
Tinkoff Investments Makes its Move
- The Bank of Russia prevents financial institutions from researching cryptocurren yivnestment solutions
- Tinkoff Investments ignores this decree and actively seeks out vehicles providing crypto exposure.
- Tinkoff Investments is the brokerage arm of private bank Tinkoff.
- For now, there is no confirmation of which specific dieas the company will explore for crypto exposure.
- Several research and developments are underway to yield possible results and ideas.
- The main focus lies with crypto products offered by international companies, such as PayPal, Revolut, or Robinhood.
- Russians remain active in the crypto industry through foreign trading platforms.
- Even with domestic crypto exposure disallowed, Russians have an estimated $15 billion in crypto assets on foreign exchanges today.
- Adopting crypto investment services will benefit brokerage providers, including Tinkoff Investments.
- Many people in Russia see Bitcoin and similar assets as investments rather than a payment solution.
- Russia prohibits payments in cryptocurrency through a recently-decreed law.
- There is an ongoing “spat” between Tinkoff and the Bank of Russia.
- Tinkoff CEO Oliver Hughes claims the Bank of Russia deliberately withholds Tinkoff from providing crypto trading solutions.
- Maintaining that stance as a central bank can make Russia less appealing to investors and uncompetitive on the international market.
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