Russian Bank Begins Tracking Customers’ Crypto Activities
A Russian bank has taken steps to track its customers’ cryptocurrency activities in line with the government’s aim to establish regulatory conditions for state corporations to enter the crypto market. According to Russian lawmaker Anton Tkachev, this initiative is currently in the pilot phase, but could potentially be implemented at the state level if successful. Tkachev did not disclose the name of the bank or the criteria used to identify crypto-oriented customers.
Paving the Way for State Corporations
The ultimate goal is to enable state corporations to engage in settlements using cryptocurrencies, as Western sanctions have limited Russia’s options for international business. While details about the pilot project were not provided, Tkachev mentioned that Russian state corporations could start conducting crypto transactions as early as the first half of next year. He also highlighted that Russia had registered a total of 13 million crypto wallets in 2022, although further information on this statistic was not provided.
Challenges and Ambiguities
In September 2023, a finance ministry official stated that the Russian government plans to leverage existing liquidity in decentralized finance to revive the local financial market. However, it remains unclear how this will be achieved considering President Vladimir Putin signed a bill banning crypto payments nationwide. As a result, crypto-related companies are still unable to operate in Russia.
Hot Take: Russia Explores Crypto Tracking for State Corporations
Russia’s move to track its customers’ cryptocurrency activities demonstrates its intention to create a regulatory framework that allows state corporations to enter the crypto market. By piloting this initiative, they hope to pave the way for future adoption at the national level. However, challenges arise due to conflicting policies, such as the ban on crypto payments. It remains to be seen how Russia will reconcile these inconsistencies and achieve its goal of utilizing decentralized finance to revive the local financial market. Nonetheless, this development highlights the growing interest and potential for cryptocurrencies in Russia.
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