Gazprombank, a state-owned Russian bank, will pilot the cryptocurrency transactions in Switzerland, as reported on the 29th of March.
Aleksandr Sobol, the Deputy Chairman of the Board at Gazprom Switzerland, explained that the country was selected due to a liberal legislation. Switzerland is one of the first European countries, which expressed their interest in the Blockchain and cryptocurrency technologies.
Sobol explained that such technologies require “pilots”:
“This will not be on a grand scale, but for ourselves. This is a demand from the sides of our large private clients for such amenities. Therefore we are now looking at how we can organize this service for them.”
It hasn’t been decided yet if, or what type of crypto services will be offered to the clients. At the end they may be conducted for the bank’s own investment only.
Earlier this year the largest Russian bank, Sberbank announced its plans to launch a cryptocurrency in Switzerland. The bank’s officials explained that Switzerland was chosen because Russian authorities doesn’t allow cryptocurrency operations.
Switzerland is attracting more and more fintach companies. Its canton of Zug is already known as the “Crypto Valley”.