Russia is still a country to follow when it comes to cryptos and blockchain technologies. Yesterday the news was leaked that a group of major national banks would be ready to start working with cryptocurrencies, but this possibility is still challenging to materialize because of the country’s restrictive legal framework.
In an article published by the Russian news portal RBC, an anonymous source close to the country’s financial sphere commented that banks are aware of the growing demand for cryptocurrencies and are willing to enter this market.
Russian Banks Want To Join The Crypto Party
According to the leaked information, a group of representatives from major banks in the country met with several prominent personalities involved in the world of crypto-business to formulate in a roundtable a series of proposals and strategies to promote crypto-based financial instruments and their legal adoption. The discussion revolved around the regulatory issue as the main problem and was moderated by Luc Frieden, ex-Minister of Justice and Minister of Finance of Luxembourg.
The roundtable was held within the framework of the event, organized by the working group of the OCP – “Advancing Compatibility with the Regulator.” It includes the largest Russian banks, such as Sberbank and Alfa Bank, representatives of the Moscow Stock Exchange, the National Settlement Depository, ADDCAPITAL, ALTHAUS Group, Group IB, and other companies. Invited participants in the working group of the OCP were representatives of banks VTB, VEB, Gazprombank, and others.
Representatives of leading international financial sites such as BitFlyer, the largest exchange in Japan, NEM blockchain platform and Litecoin cryptocurrency, took part in the meeting. Together with VNX Exchange, they discussed the regulation of the world’s crypto-currency market.
Russia: Putting All Cards On The Table?
The source commented that the board members worked extensively on various proposals to solve the problem, clearly demonstrating that there is a willingness on the part of banks and other fintechs to open up to the crypto-currency markets. One of the proposals was to “address directly to lawmakers through Anatoly Aksakov, or through the economic block of the government – the Ministry of Finance and the tax service, or through the Central Bank.”
Until now Russia has maintained the position that Sagar Sarbhai, Ripple’s head of regulatory relations of APAC and the Middle East defines as “blockchain good, crypto bad” However, it is important to point out that on previous occasions the country has played with the possibility of using cryptocurrencies as mechanisms of political relief in the face of the economic sanctions issued by the United States as the controlling country of the primary reference currency in the traditional fiat market.