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Leading Russian banks intend to work with crypto

Sep 25, 2018

During a meeting, held at the Moscow Exchange, numerous Russian banking organizations expressed their readiness to collaborate with the industry of cryptocurrency and blockchain, stated Russian news site RBC on September 19.

According to an unnamed source, cryptocurrency has a huge potential in Russian region and the demand over the past year has grown significantly, but the banks are unable to meet it due to the lack of regulations.

Considering the above-mentioned, the representatives of the Russian banking organizations present at the meeting have communicated with regulators from Japan, Luxembourg and Singapore in order to apply their experience to local realities. Additionally, a lobby group was formed with an aim to approach the Russian government with suggestions on how to manage crypto flow in the country.

One of executives from an unnamed Russian bank suggested to draft an alternative bill on digital assets which will be "drastically different" from the existing. From general sources it is known that the meeting was organized by a lobby group which includes Russia’s largest bank Sberbank, Alfa-Bank, VTB, and others.

Members of the meeting also discussed regulatory issues with global experts, such as representatives from a Japanese crypto exchange Bitflyer, Singapore-based blockchain platform NEM, and cryptocurrency Litecoin. Luc Frieden, former Minister of Finance of Luxembourg also took part in the meeting, explaining how his country had managed to build a legal framework for cryptocurrencies and become one of the leading financial hubs.

Worth to note that this was not the first meeting of the Russian crypto lobby group. The first one, also focused on Russia’s digital assets regulations, took place in June of this year.

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