Sunday, November 27, 2022

BNB Joins Russian Banks’ Union

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BNB has joined the Association of Russian Banks’ Expert Center for Digital Financial Assets and Digital Currencies.

Binance named Olga Goncharova head of the center, according to a news release from the platform. She is also the GR director of the exchange in Russia and the CIS.

BNB has announced its membership in the Russian Association of Banks. This is to facilitate communication with federal authorities, legislators, and professionals in the field of digital financial assets and currencies.

According to the press release, the ADB Board’s Presidium approved Binance’s admission to the organization. They chose to establish a digital financial assets and digital currency knowledge center. The central committee has selected Olga Goncharova, Binance’s GR Director for Russia and the CIS, as the expert center’s head.

Expert Center’s Russian Mission

The expert center’s mission is to prepare expert opinions on the exchange of digital financial assets and digital currencies. It will give professional and analytical resources on this topic to the ADB’s working bodies and representatives. Moreover, it will generalize and distribute international experience.

One of the expert center’s responsibilities will be to maintain a conversation with federal authorities. It would also include legislators, DFA, and digital currency specialists.

The Russian Federation’s Central Bank published a consultation study on cryptocurrencies in January. It proposed to ban the circulation and mining of cryptocurrencies in the country while leaving their ownership unrestricted.

In the same month, Deputy Prime Minister Dmitry Chernyshenko authorized a strategy for the cryptocurrency sector. In which it calls for regulation rather than prohibition.

According to the Cabinet-approved idea, cryptocurrency platforms will be licensed, with liquidity and capital criteria. Cryptocurrency investors will be divided into qualified and unqualified groups. In order to work in the Russian Federation, a foreign crypto exchange will need to have a representative office there.

Binance Role

BNB is the world’s top blockchain ecosystem and cryptocurrency infrastructure provider. In fact, it comes with a portfolio of financial products including the world’s largest digital asset trading exchange by volume.

BNB’s position in the general emancipation of digital currencies in Russia is critical. The reason that is ARB is a body made up of around 290 banks.

Despite the fact that the country’s main banking institutions, such as Gazprombank, Sberbank, and six others, are no longer members due to a recent scandal, the group continues to play a significant role in shaping the country’s financial policy.

Recently, the Russian government has been considering its options in relation to Bitcoin and other digital currencies. While the Bank of Russia has proposed a ban, some local figures have slammed the plan, including Telegram founder and CEO Pavel Durov and Leonid Volkov, Chief of Staff to Russian opposition leader Alexei Navalny.

On the other hand, the Bank has now resorted to prohibiting Bitcoin mining, in the intention of limiting the digital currency’s distribution in the country. Binance’s rise to the top of the ARB could alter the narrative in ways that are currently unknown.

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