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Russia Takes a Bold Step: Tracking Customer Crypto Activities to Boost State Corporations in the Market

Jack Evans
Oct 31, 2023 at 11:21 pm

In a recent interview with Russia's state newspaper, Parlamenstakaya Gazeta, Russian lawmaker Anton Tkachev shed light on this daring initiative. Tkachev revealed that the program is currently in its pilot phase, with the possibility of a full-scale rollout if the initial test proves successful. However, Tkachev did not disclose the identity of the bank involved or the specific criteria it employs to identify crypto-oriented customers.

The primary objective behind this move is to pave the way for state corporations to conduct cryptocurrency transactions. With Western sanctions limiting Russia's international business options, embracing cryptocurrencies as a means of settlement appears to be a strategic response. While details about the pilot program remain undisclosed, Tkachev hinted at the likelihood of Russian state corporations engaging in crypto transactions as early as the first half of the upcoming year.

An intriguing statistic that has surfaced is the registration of 13 million crypto wallets in Russia during 2022, although the context and implications of this data remain shrouded in mystery.

Despite these ambitious steps, the path ahead remains uncertain. Russian President Vladimir Putin previously signed a bill banning crypto payments nationwide, making it challenging for crypto-related companies to establish a presence in Russia. The apparent contradiction between these government initiatives and the ban on crypto payments leaves room for speculation about the ultimate direction of Russia's crypto policy.

Russia's decision to monitor customer crypto activities signifies a bold step toward establishing a regulatory framework that could potentially open doors for state corporations to engage in cryptocurrency transactions. The journey ahead is laden with questions and uncertainties, especially given the prevailing ban on crypto payments. As we watch this intriguing development unfold, the cryptocurrency world eagerly awaits the outcomes of this groundbreaking experiment, which has the potential to reshape Russia's role in the global crypto market.

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