Russian Bank to Float its Own Cryptocurrency

Even as the Russian Central Bank is uncertain as to its policy direction with cryptocurrencies, the founder of Tinkoff bank in Russia, Oleg Tinkov has stated in a Facebook post that his bank will be launching its own cryptocurrency called TinCoin soon.

Tinkoff bank was established in 2006 and due to its flexible credit card terms, it was able to amass a large number of customers within a relatively short period. As at August this year, Tinkoff was one of the top two credit card issuing banks in Russia. With a market share of 11.5% and 8 million issued credit cards as at last count, its total assets amount to $3.71 billion. It was named the bank of the year in 2016 by Russia’s largest financial news portal,

In his Facebook post, Oleg Tinkov mentioned that he is of the feeling that “technological leadership” is escaping, and this makes him believe that the time is apt to launch the bank’s own cryptocurrency, TinCoin.

Even though he was not detailed in his post about TinCoin, he stated that Tinkoff “does not compete with state banks”. His Facebook post however reveals that he is a technology enthusiast.

The banker answered a comment pertaining to customer service by stating that he “immediately and quickly get used to the good, and demand even better”, he also said that he considered Apple’s co-founder Steve Jobs a genius.

Mr. Tinkov’s move to launch TinCoin will be a game-influencer as Russia’s official stance with regards to cryptocurrencies has been flip floppy. Whiles the country’s deputy finance Minister Alexey Moiseev has stated that the country might ban bitcoin; the Finance Minister Anton Siluanov has said in September that there will be no wisdom in trying to ban bitcoin and cryptocurrencies for that matter.

“The state understands the need that cryptocurrencies are real. There is no sense in banning them, there is a need to regulate them.”

Oleg Tinkov post has been applauded by sections of social media and the wider cryptocurrency community. There seem to be some anticipation towards this new digital currency  that is soon to be issued by Tinkoff Bank.