The Russian government has authorized local banks to track transactions that their clients make with cryptocurrencies.
Through a pilot plan, the government seeks to establish a regulatory framework for such operations within the territory, according to legislator Anton Tkachev in an interview.
The Russian official noted that “the initiative is only a pilot so far, but eventually the system could be implemented nationwide.”
Although no details have been revealed about which Russian banks are carrying out this pilot plan, or about the clients, it was pointed out that the main objective “to allow state corporations to carry out agreements with cryptocurrencies, because Western sanctions have “limited Russia’s options to maintain its business internationally.”
The position of Vladimir Putin’s government has always been severe regarding digital currencies, due to their volatility and the possibility of being related to various crimes and frauds.
However, according to Tkachev, “Russian state corporations are likely to begin trading in cryptoassets by the first half of 2024.”
(Reference image source: Shubham Dhage, Unsplash)