Moscow Exchange Event Shows Blockchain Interest Amongst Top Russian Banks

According to local reports, several large Russian banks have already expressed a strong interest in adding the blockchain and crypto industry to their partners so they can work together. Russian sources affirm that the banks have expressed their interest during a closed-door meeting which was held in the Moscow Exchange.

An unnamed source has told the local media outlets that the demand for cryptos in the country is very high and it keeps rising but that the banks are simply not able to meet this new demand at the time, mostly due to their lack of a defined regulation, as Russia has not officially recognized the crypto market.

Representatives at the meeting have spoken that the regulators from Japan, Singapore and Luxembourg are adapting their experiences to their local realities and that they are getting good results. A lobby group was also created in the country to give the government some suggestions on how the market could be regulated.

Other issues that were discussed are, for instance, regulatory issues with global experts from countries like Japan and Singapore like Bitflyer, a crypto Japanese exchange. Even Litecoin representants were present at the event. Some important member in the meeting was the ex-minister of Finances in Luxembourg, Luc Frieden, which explained how the process happened in his country.

There are even reports from a large Russian bank that has decided to create an alternative bill which will drastically change how digital assets are viewed in Russia and that it is completely different from the current bill that is being approved by the government.

Some of the members of the meeting were Sberbank, VTB, Alfa-Bank and others from the largest banks in Russia. This was not the first meeting of the group at the Moscow Exchange, as the first one happened in June.

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