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Gazprombank, the third largest bank in Russia, plans to carry out cryptocurrency transactions in Switzerland later in the course of the year. pilot program through its Swiss subsidiary.

Aleksandr Sobol, vice president of Gazprombank, said that the state bank had decided to try cryptographic offerings in response to the demand of several large private customers.

“It will not be large scale, but for ourselves,” Sobol told Vedomosti. “This is a request from our large private customers for such amenities, so we are now looking at how we can organize this service for them.”

In January 2018, Sberbank, the largest bank in Russia, announced its intention to open its own cryptocurrency stock exchange in Switzerland because it is not allowed in Russia.

As CCN has already reported, Sberbank has also recently opened a blockchain lab in Switzerland to test blockchain projects. In January 2018, Sberbank said that it had more than 20 pilot projects under development underway.

Russian regulators draft regulations on cryptocurrency under the Digital Asset Regulation Bill. A final version, to be released in July, will legalize and establish guidelines for initial coin offerings, blockchain technologies and cryptographic extraction.

1522605658 505 russias gazprombank to test cryptocurrency transactions in switzerland - Russia's Gazprombank to Test Cryptocurrency Transactions in Switzerland
Vladimir Putin wants to launch a Russian crypto-currency called CryptoRuble. (Shutterstock)

While Russian President Vladimir Putin first expressed his skepticism with regard to bitcoin and the virtual currency market because they are not regulated and not supported by a central bank, it has since relaxed its position in recognition of the market and demand.

In fact, Russia is planning to launch its own cryptocurrency called CryptoRuble, partly to circumvent US economic sanctions.

Russia wants to be a central encryption

Mining by cryptocurrency has proliferated in Russia. Dmitry Marinichev, President Putin’s Internet ombudsman, is currently overseeing the construction of the Russian Mining Center, which he hopes will turn the country into a powerhouse of digital currency.

Marinichev and his partners invested $ 10 million in the Russian Mining Center, and also recently raised $ 43 million through an initial offer of coins, according to CNN. “It’s a new milestone in the development of humanity,” sprang Marinichev.

Russian cryptocurrency entrepreneurs are equally optimistic about the future of bitcoin, crypto mining and blockchain technology.

“I think the blockchain will repeat the history of the Internet and will probably be bigger than the Internet itself,” said Alexander Ivanov, a former physicist who runs the platform. Russian blockchain form Waves.

The owner of the company Boris Akimov is in agreement. Akimov, whose restaurant Lavkalavka, based in Moscow, accepts bitcoin, believes that crypto is not a passing fad. “Cryptocurrency is a way to change the entire financial system around the world,” he said.

Image from Shutterstock.

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