Sanctions could turn Russia into a market for tainted cryptocurrency

Sanctions may turn Russia into a place for trading dirty cryptocurrency at discounted prices, according to a key participant in its soon-to-be regulated market.

The country is poised to legalize coin transactions in September, but the assets circulating there are likely to be too toxic for other counterparties to touch.

Russia said to build an “exotic market for tainted cryptocurrency”

Western sanctions may result in the establishment of an isolated Russian market for digital assets that foreign players wouldn’t want to work with.

This means that the coins traded there will likely be offered at a discount to global prices, according to the chief executive of a leading Russian broker.

Vladislav Kochetkov, chairman of the management board of the financial group Finam, made the comments to Russia’s official TASS news agency.

Speaking ahead of the Eastern Economic Forum (EEF), a major international conference to be held in the far-eastern city of Vladivostok next week, he stated:

“Sanctions could lead to Russia becoming a market for ‘tainted’ cryptocurrencies, that is, assets that have passed through restricted addresses or platforms and are therefore toxic to international counterparties.“

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