Russian Banks Interested In Blockchain

Russian Banks interested In Blockchain, according to some of the local online reports citing unnamed sources familiar with the matter. Reportedly, an executive from one of the large Russian banks has suggested forming an alternative bill concerning cryptocurrencies.

21 September, AtoZ Markets A number of major Russian banks reportedly expressed a strong interest in utilizing the advantages of Blockchain and cryptocurrency sectors. According to some online reports, several large Russian banks have attended a private meeting that was held at the Moscow Exchange. 

Russian Banks Interested In Blockchain

Online reports cite an unnamed source that is familiar with the matter. The source reportedly claimed that the demand for cryptocurrencies in Russia is very high at the moment, yet, the banks are not ready to meet it. This is due to the fact that the industry lacks properly defined regulations. 

In this context, the representatives of Russian banks that attended the meeting have communicated to the regulators from Japan, Singapore, and Luxembourg. They are reportedly aiming to adapt their experience to the local market. In addition, authorities have formed a lobby group with the goal of proposing guidelines for cryptocurrency market regulation to the country’s government. 

According to local media outlets, an executive from one of the large Russian banks has suggested forming an alternative bill concerning cryptocurrencies. The bill would be “drastically different” from the one that is currently being reviewed by the Russian government.

Following on this, according to one of the local online reports, the closed-door meeting has been organized by a lobby group that comprises Russia’s largest bank Sberbank, Alfa-Bank, VTB, and others.

Moreover, the lobby group has also discussed regulatory challenges with global experts. These include representatives from a Japanese crypto exchange Bitflyer, Singapore-based blockchain platform NEM, and cryptocurrency Litecoin.

In addition, the meeting saw a participation from the ex-Minister of Finance of Luxembourg Luc Frieden. He has explained how his country managed to create a legal framework for cryptocurrencies and become one of the most popular Blockchain-friendly countries. 

As a matter of fact, this meeting was not the first one that has been set up by the crypto lobby group. The first meeting has been dedicated to the regulations of the cryptocurrency market in Russia, similarly. It took place earlier this June.

Russian Banks to Offer Crypto Portfolios

In June, AtoZ Markets reported that the two biggest banks in Russia were testing cryptocurrency portfolios for their private clients, according to the local media outlets. Sberbank and Alfa Bank were planning to offer their clients shares in a special fund that will be trading six most popular cryptocurrencies on major exchanges, these including Kraken and Bitstamp.

As per one of the local reports, the banks intended to act under the supervision of the Russian Central Bank. Sberbank is the government-owned bank, which is responsible for processing government employee paychecks. Alfa Bank is the biggest privately-owned bank in Russia. Banks planned to enter cryptocurrency trading jointly with the help of AddCapital investment fund. The National Settlement Depository and Group IB were set to take part in the collaboration as well.

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