Home news Gazprombank, Russia’s third-largest Bank to Test CryptoCurrency Service

Gazprombank, Russia’s third-largest Bank to Test CryptoCurrency Service

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Russia’s Gazprombank to Test Cryptocurrency Service. Gazprombank deputy chairman Alexander Sobol said the bank may launch a pilot program this year, though it is early in the planning stages.

Gazprombank is the third-largest state-owned bank in Russia and Gazprom wants to let its wealthy clients trade cryptocurrencies, an official said.

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As regards to this, Gazprombank deputy chairman Alexander Sobol said :

“[The pilot] will not be on a grandiose scale, but for [individuals]. There is a demand from large private clients for such services. Therefore, we are now looking at how we can organize this service for them.”

Although, it is not yet clear as to whether Gazprombank itself will invest in cryptocurrencies or just allow its customers to do so. 

The pilot program, if it happens, will be done through a Swiss subsidiary to take advantage of Switzerland’s relatively permissive regulatory environment, he said. The bank has already begun studying cryptocurrency.

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Russia has not yet regulated CryptoCurrency, though this may soon change. Russian president Vladimir Putin has ordered the State Duma to vote on cryptocurrency legislation by July 1. The legislature will look at two draft laws, which would limit initial coin offerings and other aspects of the cryptocurrency space.

However, do you think there is anyway Gazprombank can influence Russia’s crypto regulation? Share your thoughts with us in the comments section below. 

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