Major Russian Bank Looks To Pilot Crypto Transactions In Switzerland

Major Russian Bank Looks To Pilot Crypto Transactions In Switzerland

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Apr 1, 2018 by Jenny Jones
94
  Major Russian state-owned bank Gazprombank will be conducting pilot cryptocurrency transactions in Switzerland, local news outlet Vedomostireported March 29. According to Aleksandr Sobol, the Deputy Chairman of the Board at Gazprombank, Switzerland was chosen due to the more liberal crypto legislation in the country. Sobol said that some kind of pilots will of course take place, according to
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Major Russian state-owned bank Gazprombank will be conducting pilot cryptocurrency transactions in Switzerland, local news outlet Vedomostireported March 29.

According to Aleksandr Sobol, the Deputy Chairman of the Board at Gazprombank, Switzerland was chosen due to the more liberal crypto legislation in the country.

Sobol said that some kind of pilots will of course take place, according to Vedomosti:

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

As yet it has not been decided if future crypto services will be offered to customers or conducted for Gazprombanka’s own investment; Sobol said the bank is trying to follow the situation actively.

In January of this year,Sberbank, Russias largest bank, had also announced that they had chosen Switzerland as the location to open their own crypto exchange, as Russian law does not allow crypto operations.

Crypto regulation in Russia is currently under review, as the Digital Assets Regulation Bill, presented on Jan. 25, will not be released in its final version until July 1.

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Photo via Getty Images

Source:Cointelegraph

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If you want to know what’s really going on in the Crypto-world, Jenny is your go-to person. Having been active in the Blockchain ecosystem for over 5 years, Jenny comes with an experience that just doesn’t fail. A sincere admirer of the blockchain technology, Jenny keeps a tab on even the most slightest of dips and raises in the graph. When she’s not caught up in with the latest buzz in the ecosystem, Jenny likes to watch movies and read Edgar Allan Poe.

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