Major Russian Banks highly Interested in working with Crypto

In a recent meeting at Moscow Exchange, numerous large Banks of Russia expressed their interest in working with the industry of blockchain technology and cryptocurrencies.

The private meeting was organized by a lobby group including Russia’s largest banks Sberbank, Alfa Bank, VTB, and others. Officials from Singapore based blockchain platform NEM, Japanese crypto exchange Bitflyer, cryptocurrency Litecoin, and ex-minister of finance of Luxembourg, Luc Frieden also took part in the meeting. The lobby group has also discussed digital assets regulatory issues with global experts. Luc Frieden has even explained in the meeting that how his country Luxembourg has become one of the leading financial hubs for cryptos and managed to build a legal framework for digital assets.

In Russia, the demand of cryptocurrencies is very high but banks are not able to meet that demand because of lack of clarity of regulations. To solve this problem an executive from a large Russian bank suggested creating an alternative bill on digital assets. The new bill must offer clarity about the regulations of cryptocurrencies. According to him, the new bill must be drastically different from the current one proposed by the Russian government.

Officials from Japan, Singapore, and Luxembourg also shared their experience of adopting digital currencies with the representatives of Russian Banks. In the meeting, a lobby group has been formed which will give suggestions to the Russian government on how to regulate cryptocurrencies in the country.

This was not the first time that Russian cryptos lobby held a meeting at the Moscow Exchange. Before that in June, the first meeting was held in Moscow Exchange which was also dedicated to Russia’s digital assets regulations. In May this year, a draft law on digital financial assets which was proposed by the Russian Ministry of Finance has passed the first of total three readings in the State Duma. According to a group of high ranking Russian managers the draft is unfinished and fragmented. There must be lots of improvements in the draft so that the regulation of digital assets becomes clear in Russia.