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Vladislav Kochetkov, President and Chairman of the Board of the investment and financial group Finam, suggested that a separate Russian market for “tainted cryptocurrency” could form, isolated from the international market.
By this term, the expert refers to digital assets that have passed through addresses or platforms subject to international sanctions. According to Kochetkov, such assets are considered toxic by foreign counterparties because their use involves high compliance risks. Consequently, the Russian crypto market may become specific, and trading these assets will require a discount relative to global prices.
The top manager is convinced that the consequences may extend beyond simple restrictions on access to global capital.
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“This factor can indeed make the Russian market extremely exotic — with a significant discount to international benchmarks. This is no longer just about ‘cutting off liquidity’ — we are talking about the formation of a separate, isolated pricing circuit operating by its own rules,” the head of Finam explained in an interview with TASS.
Kochetkov suggested that the “Russian circuit” would function autonomously, with its own pricing mechanisms and operating rules that would differ from those accepted in the international market.
Previously, Elvira Nabiullina, Head of the Bank of Russia, stated that the Central Bank is considering the use of stablecoins in international settlements, but only as a supplement to the digital ruble. The regulator views these digital assets “with caution.” Earlier, the official noted that cryptocurrency is an asset subject to international sanctions that could be blocked in Russian wallets at any moment.
From September 1, cryptocurrency trading through licensed intermediaries is set to begin in Russia. The Central Bank will allow trading of only three digital assets: Bitcoin, Ether, and the US dollar stablecoin USDT issued by the American company Tether.
