Major Russian Banks Highly Interested in ‘Working With Crypto,’ Local Sources Say

Several large Russian banks have expressed their strong interest in working with the industry of cryptocurrency and blockchain during a closed-door meeting held at the Moscow Exchange, sources told Russian news site RBC September 19.

As an unnamed source familiar with the matter told RBC, the demand for cryptocurrencies in Russia is very high, but the banks are not able to meet it due to the lack of clearly defined regulations.

Because of that, the representatives of the Russian banks present at the meeting have talked to regulators from Japan, Luxembourg and Singapore to adapt their experience to local realities. Moreover, a lobby group has been formed with the goal of approaching the Russian government with suggestions on how to regulate crypto in the country.

As an RBC correspondent has learned, an executive from an unnamed “large” Russian bank hsa proposed to create an alternative bill on digital assets which will be “drastically different” from the current one proposed by government.

According to RBC’s report, the private round table has been organised by a lobby group which includes Russia’s largest bank Sberbank, Alfa-Bank, VTB, and others.

The lobby group has also discussed regulatory issues with global experts, such as officials from a Japanese crypto exchange Bitflyer, Singapore-based blockchain platform NEM, and cryptocurrency Litecoin…

Read Full: Major Russian Banks Highly Interested in ‘Working With Crypto,’ Local Sources Say