Cryptocurrency in banking applications: when and in what form will it become a reality for Russians
Russian banks are preparing to introduce cryptocurrency services for retail clients. The question is not whether it will happen, but when exactly and in what format. Experts' opinions are divided on key aspects: from the form of assets to launch timelines and the impact on the shadow exchange market.
Digital Financial Assets as a First Step
The most conservative forecast suggests that the first offerings in banking apps will not be classic cryptocurrencies like Bitcoin, but digital financial assets (DFAs). The reason is strict regulation and stringent compliance requirements, which make direct cryptocurrency purchases through banks unlikely for now. However, an initiative by the Bank of Russia, which is lobbying for the adoption of a corresponding bill, could speed up the process. The final version of the document is expected to be considered in the second reading by the end of July.
Two Audiences, Two Approaches
A key observation is user segmentation. For beginners, banking apps will become an ideal gateway into the world of digital currencies. They need simplicity, security, and trust in a familiar interface. Banks have an undeniable advantage here: a broad audience, a recognizable brand, and no need to understand crypto wallets or seed phrases.
The picture is completely different for experienced traders. For them, anonymity, minimal fees, and access to global liquidity pools are critical. In this niche, banks are unlikely to compete with international exchanges and DeFi protocols. Their client base will largely remain in the gray area or on professional platforms.
Who Will Launch First?
Large financial organizations with developed brokerage infrastructure are in a winning position. They will be able to quickly scale their business once clear rules of the game emerge. However, the main obstacle for everyone remains the lack of blockchain expertise within banks. Regulatory risks are the second key issue, but they are what most strongly restrain the sector's development.
The Gray Market of Exchangers
Experts agree on one point: banks will significantly displace illegal exchange points in the mass segment. Convenient and secure banking products will attract a substantial portion of clients. However, completely eliminating the shadow market will not be possible. The professional audience will continue to choose anonymity and access to global liquidity. Additionally, after the law comes into effect, the activities of unlicensed exchangers will become criminally and administratively punishable, forcing major players to legalize, but this will not destroy demand for unregulated services.
My analysis: The Russian market is on the verge of structural changes. Banks will indeed become the main conduits for the mass investor, but this is not a "killer" of crypto exchanges. Rather, we will see a clear division: banks for simplicity and security for beginners, professional platforms for depth and flexibility for experienced players. The key question is the speed of the law's adoption and banks' readiness to invest in blockchain competencies. If the law is passed by the end of July, we could see the first products by the end of the year.