Russia’s largest digital bank, Tinkoff, says it wants to offer cryptocurrencies.

TinkoffRussia’s largest online bank wants to offer cryptocurrency trading to its customers, but says it will take some time due to the strict stance of the Central Bank of Russia.

Oliver Hughes, CEO of Tinkoff, said Thursday that there are “qualified investors” who want to invest in cryptocurrencies, but his company is currently unable to offer those services.

He told CNBC’s Hadley Gambling at the St. Petersburg International Economic Forum: “The central bank is in such a difficult position that there is currently no mechanism to offer its products in Russia.

Bitcoin ATM in a Russian grocery store.

Egor Ariev | TASS by Getty Images

Russia gave legal tender to cryptocurrencies such as Bitcoin in 2020, but banned the use of digital assets for payment, saying that only the Russian ruble was considered fiat currency.

Earlier this week, Russia’s Central Bank Governor Elvira Nabiullina told CNBC that digital currencies are “the future of our financial system.” But she was referring to the Central Bank Digital Currency (CBDC) rather than cryptocurrencies.

Unlike cryptocurrencies designed to be decentralized, the CBDC is issued and controlled by the authorities. Like China And AmericaRussia is also currently considering a digital version of its currency.

Alexander Shulgin, CEO of Russian e-commerce company ozone, Said that the digital ruble would be useful for his business.

“If everyone has the opportunity to pay in digital currency online, it’s an easier deal () for a company like us,” he told CNBC Thursday. He also told SPIEF.

Cryptocurrencies are being used for illegal activities such as money laundering and terrorist financing, and the government is becoming more and more wary of cryptocurrencies.

Digital assets too Incredibly unstableBitcoin prices fell from a record high of $ 64,829 in April to $ 30,001 the following month.

Hughes is aware of concerns about the use of cryptocurrencies in money laundering and “seeing cryptocurrencies shining at this point can lead to inadequate investment decisions” individual investors Also said he was aware

But he added that professional investors are enthusiastic about the asset class.

“Hopefully, we hope this will evolve to achieve the goals of the central bank, ensure that there are no money laundering issues, protect investors and deliver products in a responsible manner. Masu “.

Russia’s largest digital bank, Tinkoff, says it wants to offer cryptocurrencies.

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