The infrastructure for regulating the circulation of cryptocurrencies in the banking sector already exists, it remains only to pass the necessary law, according to Sberbank.
Anatoly Popov, head of the Corporate and Investment Business block, deputy chairman of the board of Sberbank, said that the position of the largest Russian state-owned bank coincides with the position of the government, and cryptocurrencies should be regulated, not banned:
“We need effective regulation that will allow citizens and organizations to legally acquire cryptocurrency, take it into account and carry out the necessary anti-money laundering mechanisms, as well as taxation. This will formulate the right legal framework for cryptocurrencies to become one of the instruments in an investor’s portfolio, like stocks or bonds.”
Anatoly Popov noted that banks already have such tools suitable for working with cryptocurrencies as brokerage accounts and platforms for digital financial assets. The mining industry is a high-tech sector of the economy, in which highly qualified specialists are involved, and it will exist regardless of regulators, and the ban will not lead to its disappearance, the banker is sure.
“In the Soviet Union, the dollar was also banned, but it existed regardless of the regulators. In many countries, such things occur: something is prohibited, but there is a black market where the exchange rate is ten times different from the official one. As a result, this still leads to liberalization, the establishment of understandable exchange rules, ”says the deputy chairman of the board of Sberbank.
Popov believes that it is necessary to ensure the functioning of the mechanisms for qualification and training of investors as soon as possible. At the same time, Sberbank shares the concerns of the Central Bank regarding “admission to the market of unqualified investors.”
At the beginning of February 2022, the Russian government adopted a concept on the circulation of cryptocurrencies that reflects the general principles of regulation. It is expected that the relevant bill will be submitted to the State Duma by February 18.
Source: Bits
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