Russia’s Bank’s are Piloting Bitcoins and Crypto Portfolios
Bitcoins and other cryptocurrencies are becoming more and more popular day by day. According to recent news and a post in Kommersant newspaper, the largest banks of Russia are piloting Bitcoins and Crypto portfolios in Russia. The banks are piloting cryptocurrency (Bitcoin and other coins) for their private clients. Sberbank and Alfa-Bank under the watch of Bank of Russia will offer shares of special funds invested in trading of the six most popular cryptocurrencies on major exchanges(including Kraken and Bitstamp) to their clients.
Sberbank which is the main state-owned bank and is responsible for the processing of government employees paychecks and Russia’s largest private sector bank Alfa Bank has decided to enter into cryptocurrency trading. These banks are the most popular bank in Russia. These banks are trading with the help of AddCapital investment fund.
According to Reports Sberbank Private Banking’s Deputy chair Ana Ivanchuk said:
“We’d like to offer our clients an absolutely transparent way to invest in digital assets with a full compliance with regulations that will let them invest in the product they are interested in Russia.”
Whereas Anton Rakhmanov Manager of Alfa Bank’s said:
“Our goal is to speed-up the recognition of the digital assets as legitimate financial assets as soon as possible.”
This Crypto Currency portfolio will include the six most popular and trending cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Their portfolio will be balanced by a trading algorithm and the combination of coins will be revised four times in a trading year.
The National Settlement Depository will act as the custodian for trading. The National Settlement Depository is a part of Moscow Exchange Group.
Also Read: India’s Position in Blockchain