The Third-Largest Bank In Russia To Test Cryptocurrency Transactions

Gazprombank Plans To Test Cryptocurrency Transactions In Switzerland

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  • Gazprombank is making plans to test out cryptocurrency transactions in Switzerland.
  • The bank claims that this is in response to demands from clients.

Russia: As part of a pilot program, Russia’s third-largest bank, Gazprombank, is planning to commence cryptocurrency transactions later this year in Switzerland via its Swiss subsidiary. Gazprombank’s move towards conducting cryptocurrency transactions is in response to demand from a number of major private customers, according to the vice chairman of Gazprombank, Aleksandr Sobol.

Aleksandr said:

“This will not be on a grand scale, but for ourselves. This is a demand from our large private clients for such amenities. Therefore, we are now looking at how we can organize this service for them.”

The largest bank in Russia, Sberbank, made an announcement in Jan. about its plans to launch own cryptocurrency exchange in Switzerland, this is because they are not allowed by the Russian government. Presently, Sberbank has launched a blockchain lab in Switzerland to experiment blockchain projects.  Sberbank stated that it has under development a minimum of 20 blockchain-based pilot projects as at Jan.

Also read: Bitcoin Bears Pull Price Down To $7,000 Per Coin

The Russian government is currently formulating regulations for cryptocurrencies under the Digital Assets Regulation Bill. The regulators declared that the rules and regulations would set guidelines as well as legalize cryptocurrency mining, ICOs, and the Blockchain technology. A final version of the regulations would be available in July according to the Russian regulators.

The Russian President, Vladimir Putin, who was initially skeptical about cryptocurrency because it is not backed by a central bank and its unregulated has joined the train of Nicholas Maduro, with plans to launch a cryptocurrency called “CryptoRuble” for Russians. According to Putin, the launching of cryptocurrency CryptoRuble is a move to avoid US economic sanctions.

Cryptocurrency investors in Russia are so bullish about the future of blockchain technology, cryptocurrency mining, and bitcoin.

According to Alexander Ivanov, a former physicist who operates the Russian blockchain platform Waves:

“I think blockchain will repeat the history of the internet and probably even be bigger than the internet itself.”

Boris Akimov, a restaurant business owner, seems to agree with this fact as he accepts bitcoin as a payment method in his restaurant, and believes that cryptocurrency is not a passing fad. He said:

“Cryptocurrency is a way to change the whole financial system in the world.”

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