Russian Banking giant T-Bank has decided to offer blockchain token instruments to its customers. According to local media RBC reports, T-Bank and the Atomize platform have introduced blockchain-based investment instruments known as “smart assets.”
According to the report published, earlier today, on December 19th, smart contracts are used to automate transactions and enable a person to cut expenses and produce essentially novel goods not offered on the traditional market.
Who Can Avail The Option?
These assets are now only accessible to eligible investors who are T-Bank premium clients, however all T-Investments clients will have access to this tool by the start of 2025.
A full-fledged secondary market with a glass, market makers, and continuous liquidity will be available to investors, as reported, along with immediate order execution, product reporting and analytics, and educational opportunities.
In March of this year, T-Bank received approval from the Russian Central Bank to introduce digital financial assets (DFAs).
Major T-Bank competitors Sberbank and Alfa-Bank are among the other big banks that have hurried into the DFA market in recent months.
Russia’s Rise in Crypto Market
T-Bank’s new services come as Russia has seen a rise in crypto influence. Previously, Vladimir Putin, the president of Russia, had approved a new law that will acknowledge Bitcoin and cryptocurrency as property.
The new law was passed in the midst of Donald Trump’s election victory in the United States, which was has made the two nations now compete in pro-crypto policies.
The US cryptocurrency markets are probably going to benefit from Trump’s incoming presidency. In light of this, Russia’s action is probably an effort to align with its international counterparts.
President Vladimir Putin signed a bill on November 29th that created the legal foundation for taxing cryptocurrency mining and transactions as part of Russia’s efforts to regulate its cryptocurrency industry.
Russia’s Crypto Growth: What To Expect?
Russia has experienced an increase in demand for cryptocurrency and similar assets, which coincides with the country’s new rules. Russia’s cryptocurrency market is expected to bring in US$1,637.0 million by 2024, according to research.
With a forecast income of US$9,788.0 million in 2024, the US is now leading the world in this regard.
The Russian cryptocurrency sector is predicted to bring in an average of US$66.9 per user by 2024.
According to projections, the number of bitcoin users in Russia is expected to reach 24.59 million by 2025. Forecasts indicate that the percentage of the population using cryptocurrencies, or the user penetration rate, will be 17.13% in 2025 and 16.99% in 2024.