Russian Bank to Offer Cryptocurrency Exchange to Fiat for Russians

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St. Petersburg Social Commercial Bank (SPSCB) and MyWish plan to start a joint project after a recent decision of the Central Bank concerning cryptocurrency regulation which will open new opportunities for managing crypto assets in various real situations.

The development and popularization of the blockchain industry have created a demand for the development of services for owners of cryptocurrency and the SPSCB is aware of the scale of the trend appeared and the importance of applying innovative technologies for the development of both its own service and the banking sector as a whole.

“At present time, the owners of cryptocurrency are limited in possibilities to use their funds. But people has already had the desire to use available funds including sharing them with their relatives. Our service extends the range of possibilities and allows people transferring their crypto currency even to a grandmother who has never heard the words Bitcoin and Ethereum”, Vladimir Tikhomirov, a Founder of MyWish and a Founder of DDG says.

The Bank plants implement a mechanism with the help of which MyWish’s users which will allow them the opportunity to transfer fiat funds to beneficiaries within the implementation of Smart contracts, such as testaments, marriage contracts, gifts, etc. A Smart contract is a program that allows automatically transferring crypto currency when applying certain terms and conditions.

An owner of cryptocurrency creates a Smart contract on the MyWish platform, fills in the identification data and the transfer amount. An addressee should receive the funds due to him/her.

In turn, the bank should open a settlement account for the transaction. Once the funds are transferred to this account, the payment order can be paid to the recipient upon request when providing necessary documents.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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