Russia’s top digital bank wants to offer crypto — but tough central bank policy stands in its way

Tinkoff, the biggest online bank in Russia, wants to offer cryptocurrency trading to its clients but says this will take time due to a tough stance from the country’s central bank. Oliver Hughes, Tinkoff’s CEO, said Thursday that “qualified investors who know what they’re doing” want to invest in crypto.

“There’s no mechanism for us to offer that product to them in Russia at the moment because the central bank has got this very tough position,” he told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum.

Russia gave cryptocurrencies like bitcoin legal status in 2020 but banned digital assets from being used in payments, saying that only the Russian ruble could be considered legal tender.

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