Tinkoff, a major private bank in Russia, is struggling to offer cryptocurrency trading to its clients due to the central bank’s tough stance on digital assets.
Tinkoff CEO Oliver Hughes said that the digital bank is willing to offer crypto trading services but is restrained by the Bank of Russia’s policies, CNBC reports. The executive announced the news at the Saint Petersburg International Economic Forum on Thursday, stating:
“There’s no mechanism for us to offer that product to them in Russia at the moment because the central bank has got this very tough position.”
Hughes said that the bank has seen growing demand from its customers to invest in cryptocurrencies like Bitcoin (BTC), noting that there are “qualified investors who know what they’re doing.” The CEO noted that there are still certain concerns over the use of cryptocurrencies in money laundering and high volatility risks.
“Hopefully over time this will evolve and we’ll be able to achieve the aims of the central bank,