Russian Banks May Charge a Commission From Crypto Holders

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Russian banks may cover the costs of integrating a system for controlling the circulation of cryptocurrencies at the expense of users, as stated by the president of the Association of Russian Banks (ARB) Garegin Tosunyan.

Several credit institutions have already declared they are ready to control the circulation of digital currencies. However, they believe this will require significant costs for the integration of the service, the purchase of software, automation, the staff of financial monitoring and the compliance department.

According to Tosunyan, banks will be able to compensate for the costs of implementing a new system for exercising control through commissions charged to the holders of cryptocurrencies.

The President of the ARB has added banks should not have technical problems with controlling transactions, conversion or settlements. He has not ruled out exchanges would be able to participate in this process by determining quotes, supply and demand.

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