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ADB says banks ready to take part in cryptocurrency experiment
Anatoly Kozlachkov, chairman of the Association of Russian Banks (ARB), told the Izvestia newspaper that Russian credit institutions are interested in participating in experiments with digital currency.
The association's president emphasized that a number of large banks always try to test new technologies in case the experiments lead to the development of new products. According to Kozlachkov, the recently adopted law actually legalizes only mining, but all other operations with cryptocurrencies will be carried out in an experimental legal regime.
“This is a modern digital infrastructure, we need to start calmly, the possible risks are limited,” Kozlachkov said.
He added that if authorities allow organisations to trade digital currencies, they should stipulate how such assets should be stored and what proportion they can occupy compared to other assets.
For individuals, Russians could allow cryptocurrency trading based on qualified investor criteria or create new, stricter professional standards. According to him, this would eliminate all risks.
“This is a common problem being solved in the banking sector, and we know how to solve it,” Kozlachkov concludes.
Last August, President Vladimir Putin signed a law legalizing cryptocurrency mining. Since November, this activity requires compliance with a number of rules, including registration in a special registry and not using established energy consumption limits.
In addition, the Russian President has permitted cross-border payments and exchange transactions in digital currencies as part of an experimental legal regime since September 1 of this year.