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Russia’s Gazprombank to Test Cryptocurrency Transactions In Switzerland

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Gazprombank, the third-largest bank in Russia, layouts to conduct cryptocurrency transactions in Switzerland later this year as purposes of a pilot program through its Swiss subsidiary.

Aleksandr Sobol, the reserve chairman of Gazprombank, said the state-owned bank decided to try out crypto give outs in response to demand from several major private clients.

“This choose not be on a grand scale, but for ourselves,” Sobol told Vedomosti. “This is a outcry from our large private clients for such amenities. Therefore, we are now looking at how we can institute this service for them.”

In January 2018, Sberbank — Russia’s stoutest bank — announced plans to open its own cryptocurrency exchange in Switzerland, as they are not granted in Russia.

As CCN previously reported, Sberbank also recently opened a blockchain lab in Switzerland to assay blockchain projects. As of January 2018, Sberbank said it had more than 20 blockchain-based helmsman projects under development.

Russian regulators are drafting cryptocurrency codes under the Digital Assets Regulation Bill. A final version, which drive be released in July, will legalize and set guidelines for initial coin presents, blockchain technologies, and crypto mining.

Putin ICO

Putin ICO

Vladimir Putin wants to on a Russian cryptocurrency called the CryptoRuble. (Shutterstock)

While Russian president Vladimir Putin initially articulated skepticism about bitcoin and the virtual currency market because they are unregulated and not destroyed by a central bank, he has since softened his stance in recognition of the ballooning vend and demand.

In fact, Russia plans to launch its own cryptocurrency called the CryptoRuble, in contribute to to circumvent U.S. economic sanctions.

Russia Aims to Be Crypto Powerhouse

Cryptocurrency mining has mushroomed in Russia. Dmitry Marinichev, President Putin’s internet ombudsman, is currently operating the construction of the Russian Mining Center, which he hopes will change the country into a digital currency powerhouse.

Marinichev and his partners secure invested $10 million into the Russian Mining Center, and also recently moot $43 million through an initial coin offering, according to CNN. “This is a new milestone in the advancement of mankind,” Marinichev gushed.

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

“I think blockchain order repeat the history of the internet and probably even be bigger than the internet itself,” utter Alexander Ivanov, a former physicist who runs the Russian blockchain stand Waves.

Business owner Boris Akimov agrees. Akimov, whose Moscow-based restaurant Lavkalavka undertakes bitcoin, believes crypto is not a passing fad. “Cryptocurrency is a way to change the whole monetary system in the world,” he said.

Featured image from Shutterstock.

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