Russia’s Gazprombank Likely To Offer Cryptocurrency Trading Service

The state-owned lender intends to offer the service through its Swiss subsidiary.

by Coins.Online
30 March • 1 min
In Markets

Gazprombank, Russia’s third-biggest state-owned lender, plans to launch a service that will enable its clients to exchange cryptocurrencies, Russian media reported on Thursday.

Gazprombank will likely test the service this year and offer private clients the possibility to trade with digital coins through a pilot program, the bank’s deputy board chairman Alexander Sobol said, according to Vedomosti.

“There is demand from large private clients for such services. Therefore, we are now looking at how we can arrange this service for them,” Sobol was quoted as saying.

He elaborated that it is Gazprombank’s Swiss subsidiary that is working on the potential cryptocurrency trading platform, as the Alpine country has a more liberal crypto-related legislation.

Presently, Russia has no laws or regulations regarding transactions with digital assets. However, the country’s President Vladimir Putin has asked the parliament to adopt cryptocurrency legislation, including rules on Initial Coin Offerings (ICOs), by July 1.

Last month, Putin expressed his support for the Blockchain technology at a meeting with the president of the country’s largest bank, state-owned Sberbank, Herman Gref. Sberbank has revealed an intention to open a cryptocurrency exchange in Switzerland, where digital coin trading is legal.

Russia is reportedly preparing to launch a state-issued digital currency, CryptoRuble, by mid-2019.