Russia based private Bank Tinkoff planned to integrate crypto services with the bank directly for their users amid huge restrictions by the government officials.
At present, crypto adoption is increasing more rapidly than other industries. And as we know, the crypto industry is the biggest competitor of financial services like fiat currencies, monetary authority systems and especially traditional banking systems. So few banks are worried about their future to sustain their life in the future traditional financial infrastructure. In the past, many Banks tried to integrate their banking services but they are disabled because of government laws and the Central Bank monetary system.
In the latest, Tinkoff investments, a private Russian Bank, planned to offer crypto investment services. On 28 October, Dmitry Panchenko, the head of Tinkoff investments, shared his plans with the crypto-related services. However, Dmitry didn’t give clarity on how they will integrate crypto investment-related services.
Dmitry said that they will offer crypto investment services like other financial global companies like PayPal. But according to Dmitry, it will be much too early to talk about their specific ideas and plans over the crypto-based services.
Tinkoff investments want to give crypto-friendly Services for their customers just like Robinhood & Revolut like platforms to ensure compliance with the regulatory guidelines to keep people away from any illicit activities.
Dmitry also asserted that local regulators of Russia are not allowed to provide such kinds of services by the banking institutions but still Russian citizens are doing crypto trading on foreign crypto exchanges. And Russians have locked around $15 billion in funds in crypto. Further, Dmitry added
“One way or another, people get crypto exposure and they do it outside of the country. It would be potentially correct to provide such services within the Russian legal system. This is not possible legally today, but the issue needs to be discussed and studied more deeply.”
Dmitry also explained that Tinkoff wants to play a role as a brokerage firm to give benefit in the crypto adoption and doesn’t want to support crypto-based payments as per the law of Russian regulators.
Here the intention of Tinkoff is to operate the business model perfectly under rules but here they have to through fight against Russian officials to provide such kinds of services.