Russia’s Gazprombank will be testing Cryptocurrency Service


April 3, 2018 1:40 pm

Russia's Gazprombank will be testing Cryptocurrency Service | Coindelite News
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Cryptocurrency Service to be tested by Russia’s Gazprombank

Gazprombank which is known as Russia’s third-largest state-owned bank is expecting its customers to trade cryptocurrencies.

Gazprombank deputy chairman Alexander Sobol told that the bank might also launch a pilot program this year, anyhow, it is early in the planning stages.

It is not yet revealed whether the bank is going to invest itself in cryptocurrencies or just let its customers do so. Sobol told that his team is trying to follow the situation actively.

Sobol told:

“[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.”

Mr. Sobol said if the pilot begins, it will be done through a Swiss subsidiary for taking benefits of Switzerland’s approved regulatory environment. The bank has already started studying cryptocurrency.

Recently, Vladimir Putin announced that Russia needs blockchain. The President of Russia said that the country is in need of a blockchain technology and highlighted the fact about how important it is for Russia to make progress in the current development and technological aspects.

A leading Russian website that provides insights about Russia released a video which included a discussion between Putin and Russia’s largest bank Sberbank president Herman Gref. During the interview, Putin acclaimed how necessary it is for the country, the local banks, and its regulators to adopt the blockchain technology.