Russia to test cryptocurrency-based private banking

15.06.2018 | 18:13 Home / News / Fintech /
#Sberbank #Alfa-Bank
Sberbank and Alfa-Bank are planning to test several cryptocurrency-based private banking products on the regulation platform of the Bank of Russia.

Kommersant reports that the products for pilot projects were developed by working groups “Advanced Compatibility with Regulator” as part of private departments of Sberbank, Alfa-Bank, AddCapital fund and the National Settlement Depository of Russia.

AddCapital has revealed they intend to use two solutions in the pilot project – the stock exchange algorithms with specific features. “The algorithms are deterministic, contain no hidden parameters and work well with traditional financial assets too,” noted the fund.

The mentioned algorithms operate on the basis of investment portfolio that the fund puts together from six safest cryptocurrencies (as of the moment, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, etc.), which make 75% of capitalization of all digital assets in the world.

“We want to offer to our clients a completely transparent option for entry into digital assets, which is fully compliant with regulations and will allow them to invest in the products of their choice in Russia,” said Sberbank Private.

Alfa-Bank believes the digital financial assets will become a large part of global economy sooner or later. The bank noted, “We aim to bring closer the decision on recognition of these assets as investment assets and their introduction into the regulations as soon as possible.”

The regulator’s press service has emphasized that the decision of purposefulness of introduction of the tested products will be made by the Bank of Russia in cooperation with the authorities only if the products are accompanies by risk management mechanisms that ensure mitigation of the risks.

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