Russian Banks Want to Join Moscow’s Crypto Pilot
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Russian banks reportedly want to join the Central Bank’s crypto pilot, as Moscow continues to look for token-powered methods to bypass Western sanctions.
Per Izvestia, “several leading credit institutions” want to test “new technologies.” Banks want to see if they can “create new” associated “products,” the outlet reported.
The head of the Association of Russian Banks (ABR), Anatoly Kozlachkov, called on the government to help create guidelines for banks hoping to work with crypto.
“If the Russian authorities let companies trade in [crypto], then we need to understand what will happen to their balance sheets. For example, if banks are allowed to trade crypto, it will be necessary to draw up rules on how these assets should be stored. We will also need to know how much [crypto] companies are allowed to hold compared to other assets. And we will need to know how it can be sold, and so on. This will help us eliminate all risks.”
And Kozlachkov claimed that such issues are easily “resolved in the banking sector.” He said the sector already “knows how to work with risks like these.”
Several top Russian Banks have previously spoken about their willingness to enter the crypto sphere.
Russia’s ruble is on the slide toward 100 per dollar again and this time the authorities appear resigned to letting it https://t.co/S2IRXk4SUv
Many have launched their own “digital financial assets” trading platforms. Some of these already offer hundreds of blockchain-powered investment options.
Some, like Sberbank, have even launched NFT trading operations.
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