Sberbank aligned itself with the government’s stance on the need for regulation, rather than a ban on cryptocurrencies in Russia. This was stated by Anatoly Popov, deputy chairman of Sberbank’s board, in an interview with RIA Novosti.
In his view, effective rules for the market will allow individuals and organisations to legally acquire, declare, and pay taxes on digital currencies.
“This, ultimately, will form the proper legal basis for cryptocurrencies to become one of the instruments in investors’ portfolios, like stocks or bonds,” said Popov.
At the same time, Sberbank shares the Bank of Russia’s concerns about admitting non-qualified investors to the market.
“It is necessary to provide mechanisms for the qualification and training of investors. But cryptocurrency prices are a well-established fact; the market has already formed. Therefore we need to implement these mechanisms as quickly as possible and introduce proper regulation, rather than banning the circulation of cryptocurrencies,” said the deputy head of Sberbank.
Anatoly Popov added that all the necessary infrastructure in the banking sector for the crypto market already exists, including brokerage accounts and platforms for digital financial assets.
Moreover, in his view, the mining sector is a ‘proper’ high-tech sector, in which highly qualified specialists are involved.
Earlier, the Bank of Russia urged a complete ban on the circulation and mining of cryptocurrencies in the country. Several agencies did not back the regulator’s hardline rhetoric. As a result, the concept for regulating the market was approved. A bill based on it is expected to be introduced by 18 February.