According to the president of the Association of Russian Banks, Garegin Tosunyan, it will not be a problem for financial institutions in Russia to track transactions with cryptocurrencies.
According to the Izvestia newspaper, citing Tosunyan, Russian banks will be able to control the circulation of cryptocurrencies – it should not be a problem for them to monitor both transactions and the conversion and settlements associated with digital assets. To do this, however, will have to refine the information systems of banks. Finalization costs are likely to be passed on to cryptocurrency users through fees and other tools. It may take several months for the largest participants in the banking system to finalize.
“The digital currency segment is high-risk and a detailed analysis is needed. At the moment, there is no clear understanding of how to track transactions of this kind, and each organization will develop control measures independently. At the same time, the introduction of new functionality will take from six months to a year,” said Lyudmila Sokolova, head of the financial monitoring department at Zenit Bank.
At the same time, the volume of improvements to internal systems for exchanging cryptocurrencies for fiat money will be extremely small – the process is almost completely consistent with exchange activities, so banking systems are ready for this. But, according to Aleksey Skorodumov, Chairman of the Board of Derzhava Bank, there are much more issues with the system for verifying the legality of the origin of cryptocurrencies. Banks do not have such systems yet.
According to the leading strategist of the investment company Exante Janis Kivkulis, regulation of cryptocurrencies in the country and control over the circulation of digital assets by banks will help make the market more transparent and simplify investors’ access to this asset class. Until now, the blocking of transactions related to cryptocurrencies is quite common, which encourages investors to use shadow services and payment systems, as well as unregistered exchangers.
Unfortunately, there is still no clarity with the regulation of cryptocurrencies in Russia. The Central Bank of the Russian Federation insists on a ban on digital assets in the country, and the Ministry of Finance proposes to regulate them. On February 15, a meeting was held between Finance Minister Anton Siluanov, head of the Central Bank Elvira Nabiullina and Deputy Prime Minister Dmitry Grigorenko. However, no compromise was reached at the meeting.
Source: Bits
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