Russia's #2 bank, VTB, is about to jump into the #Bitcoin game.
They're planning to let customers trade crypto directly via their brokerage accounts.
Right now, they only offer crypto derivatives, but they're looking to expand to full buy/hold/sell options for stuff like Bitcoin once they get the thumbs up from regulators.
We should see that approval pretty soon, with hopes for a full launch by 2026.
Another big player is making its way into the digital asset scene.
I don't know how this is structured because I'm not a Russian and I don't own an account with the VTB bank, notwithstanding, this should be both good news and bad news.
Good news because cryptocurrency adoption is expanding and banks are now becoming more interested. But bad news, especially for Russian people, if this is not well-structured. It will be a disaster for the people of Russia to have their bank accounts and trading accounts in the same bank app. This is tempting than you might think.
Just as we discussed a while ago about banks being allowed to advertise gambling in their apps. This is ruining for people than you think. Many has been affected in silence. In my opinion, the government should ensure separate apps for the main bank activities and cryptocurrency trading.
Of course this will make US and Europa more 'angry' at Bitcoin. Remember when it was all over the news Hamas was receiving donations in BTC and suddenly Bitcoin was again the terrorist funder.
Savings account and trading all in one, bad news, I used to agree. But TBF this is how a lot of bank apps in Asia already work tho. Stocks and forex are all tradable in same app as savings and other investment. Thing is, whether or not they have it, people wanna trade or gamble or whatever, they will send the money no matter what.
Although gambling is legal in our country today that why many bank apps do have direct deposits to the gambling site, which one can easily transfer fund through their user id if listed it on the bank app. However, I haven't seen provision for making deposit to trading site directly from bank app except one has to use p2p trading platform. Although I don't know of others if they could be that permitting make deposit to the crypto currency exchange.
I don't know the position of Russian government on cryptocurrency but banks allowing cryptocurrency trading via their banking apps may be problematic in many ways. Government can easily block people's accounts over small allegation. In addition, it will create some form of addiction for some people when banking and trading are done from the same app with seamless movement of funds across both sections. I agree with you that both applications should run differently.
Gambling is legalized in my country, no restriction whatsoever for both local and international gambling companies but the only thing not too approved by our government is cryptocurrency. Banks cannot freely integrate cryptocurrency payment in their system to avoid government sanctions.
Because it's being done in Asia doesn't mean it is good, and I am just concerned about those who are liable to be victims. We have stronger minds than each other, and seeing such adverts every time you open your bank app is tempting than not seeing it at all. Some will even pop up immediately you open the app and offer you free money to start betting, which is irresistible to many. That's my concern. I think trading, gambling, etc., should have their different activities away from our direct bank app to avoid susceptibility for the sake of weak minds. And whether we like it or not, it is affecting people. Bank apps should be a neutral place!
I am not even talking about bank deposits, it's just a gateway, which is fine. But I'm referring to adverts inside the bank apps themselves. It is dangerous.
This is another milestone indeed and I see other banks comply with same standard once the regulations have been put in place and all test has been run to produce a satisfactory result.
This VTB Bank is one the leading banks in Russia and am sure the citizens can't wait for regulators to officially allow and sanction the trading of cryptocurrency by 2026.
Am sure this would lead the Russian federation to create a strategic reserve bank because they wouldn't want to be left out due to the fact the U S , and China I think are already ahead in that aspect.
The last time I remember, Russia was so against crypto and crypto mining. It's so amazing that a bank within Russia is looking to introduce crypto trading in their platform. What happened to the Russian Government stand against Crypto? Did it soften?
Let the get angry if they want. I am personally tired of the Europe and US playing double standards every other time like the world rotates around only them. We are not going to keep avoiding using different innovations just because the West is not happy about it.
This is a good development that can help more users find trading more interesting to them, but I will like to sound the warning that traders should look into their respective fees and charges compared to other trading platforms or exchanges, just to be sure that their rates are not too high beyond what a trader could afford, as all these are out together into consideration when choosing for a platform to trade
I know what you feel and mean buddy, but that's the state of the whole world now. I'm less worried about bank apps... when I know my kid cousins are all using smartphone to go online and whatever apps they install they get ads to gamble and watch porn.
They see it everywhere on youtube or tiktok, trust me they see it first everywhere before they see it on a bank app.
Sad, for sure. Thats the way the world is. Internet needs to be fixed first. But what do I know anyway am an old dude.
Same here buddy. They can blacklist whoever they want and sanction whoever they want but they only do it for enemies and not for friends. Double triple standards and meddling in the rest of the world.
I hate wars and conflicts, but the West is responsible for most of them, and pretend they want to keep world peace. If they could use Bitcoin to their benefit more than their enemies, trust me they would be putting Bitcoin up and not allowing the rest of their enemies to use it.