Sber is rushing the government to regulate cryptocurrencies – Bits Media

The infrastructure for regulating the circulation of cryptocurrencies in the banking sector already exists, All that remains is to pass the necessary law, Sberbank believes.

Head of the Corporate and Investment Business Block, Deputy Chairman of the Board of Sberbank Anatoly Popov said, what the position of the largest Russian state bank coincides with the position of the government, and cryptocurrencies need to be regulated, and not ban:

“Effective regulation is needed, which will allow citizens and organizations to legally purchase cryptocurrency, take it into account and carry out the necessary “anti-money laundering” mechanisms, as well as taxation. This will formulate the correct legal basis for, so that cryptocurrencies become one of the tools in the investors’ portfolio, like stocks or bonds".

Anatoly Popov noted, that banks already have tools suitable for working with cryptocurrencies, such as brokerage accounts and digital financial asset platforms. The mining industry is a high-tech sector of the economy, which involves highly qualified specialists, and it will exist regardless of regulators, and a ban will not lead to its disappearance, sure banker.

“In the Soviet Union, the dollar was also banned, but it existed regardless of regulators. This kind of thing happens in many countries.: something is prohibited, but there is a black market, in which the rate differs ten times from the official one. In the end, this still leads to liberalization, establishing clear exchange rules", — says the deputy chairman of the board of Sber.

Popov thinks, that it is necessary to ensure the functioning of investor qualification and training mechanisms as soon as possible. At the same time, Sber shares the Central Bank’s concerns regarding the issues of “admission to the market of unqualified investors”.

In early February 2022 year, the Russian government adopted a concept on the circulation of cryptocurrencies reflecting general regulatory principles. Expected, that the corresponding bill will be submitted to the State Duma by 18 february.