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Gazprombank considers offering cryptocurrency trading services

Summary:

  • Bank of Japan launched Q&A section on cryptocurrencies

  • Dash (DASH on xStation5) is approaching the upper limit of the price channel

  • Gazprombank is considering launching crypto trading services for its most wealth clients

The cryptocurrency trading did not stop for the Easter break yet the moves over the weekend were contained. We begin with the story from Japan where BoJ launched a cryptocurrency Q&A section maintaining its unfavourable attitude towards digital currencies. We will also mention Gazprombank as it is said to begin offering cryptocurrency trading services to its major clients.

Bank of Japan has released a Q&A section concerning cryptocurrencies. The answers to the question does not seem to bode well for the crypto bulls as it looks like the Japanese central bankers still remain reluctant towards digital currencies. Among the questions we can find the one concerning the usefulness of the cryptocurrencies. In response BoJ stated that the cryptocurrencies were designed as a cheaper and more reliable remittance yet it failed to become so as majority of people treat digital assets as a investment rather than a new way of conducting payments. However, what may seem beneficial for the cryptocurrency sphere is that central bankers see potential in digital currencies yet they must be much more advanced technologically to improve people’s everyday life.

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DASH is steadily approaching the upper limit of the price channel. Source: xStation5

Dash (DASH) is one of the top moving cryptocurrencies today. Taking a look at the chart we can see that the digital currency still remain within a downward price channel however it managed to bounce off the 280 handle over the weekend. Right now the situation seems to bode well for buyers as stable upward move towards the upper limit of the price channel (362 at press time) may be on cards. Once the price gets there investors may want to be more cautious as it may once again respect this level resulting in reversal.

The third largest state-owned Russian bank Gazprombank is said to allow its most wealthy clients to trade cryptocurrencies. According to the words of Alexander Sobol, bank’s deputy chairman, the bank is considering launching a pilot program for trading cryptocurrencies. The action is response to increased demand for such services from bank’s major private clients. The cryptocurrency space has not been regulated in Russia yet (Russian Duma is expected to vote on the cryptocurrency regulations draft by 1st of June) and because of that the program will be conducted by Gazprombank’s Swiss subsidiary in order to benefit from Switzerland’s lenient regulations. As cryptocurrencies remain to be a hot topic for the investors around the world the Gazprombank’s move may be the first sign of banking sector taking a more friendly approach towards the digital currency trading.

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