Russia’s Gazprombank to test cryptocurrency service

Russia’s third-largest state-owned bank wants to let its wealthy clients trade cryptocurrencies, an official said.

Gazprombank deputy chairman Alexander Sobol said the bank may launch a pilot program this year, though it is early in the planning stages.

There are no firm details yet on whether Gazprombank itself will invest in cryptocurrencies or just allow its customers to do so. Sobol said his team is “trying to follow the situation actively,” according to Russian daily news organization Vedomosti.

Sobol continued, saying:

“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.”

The pilot program, if it happens, will be done through a Swiss subsidiary to take advantage of Switzerland’s relatively permissive regulatory environment, he said.

Write: Richard Abermann


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