Binance cryptocurrency exchange has merged with the Association of Russian Banks (ARB). And this arguably bolsters its relationship with top financial institutions in the country.
As stated by a local media outlet, Prime, the onboarding of the trading platform into the banking organization was accompanied. Also, after accompanying, they’ve established a new department within the body.
This department is the Expert Center for Digital Financial Assets and Digital Currencies. As stated by the report, it will be led by Olga Goncharova, the Binance Exchange’s Russia and CIS head.
Moreover, As a frontline expert in the digital currency ecosystem, Binance, through the expert Center, will supply members of the association with technical insights related to digital currencies.
Furthermore, in the report, the new “Expert Center” will help compile “professional opinions on the circulation of digital financial assets and digital currencies. They will provide members “with expert and analytical materials” on the topic of crypto, as well. To provide “international experience.”
Role of Binance in Association of Russian Banks
The role of Binance is the key to the overall emancipation of digital currencies in Russia. ARB is a body that consists of about 290 banks. Despite the country’s largest banking organizations such as Gazprombank, Sberbank, and six others. They are not the members based on a recent fallout. Also, the organization still has a notable presence in deciding the direction of financial policies in the country.
Moreover, the Russian government has been lately analyzing its potential moves related to its engagement with Bitcoin and other digital currencies. While the Bank of Russia has suggested a ban option, their move has been being now under fire by some of the country’s local leaders.
To conclude, the bank has now resorted to banning Bitcoin mining. Hopefully, this move will generally limit the circulation of digital currency in the country. Also, the ascension of Binance to the ARB may change the narrative even in ways that cannot be deciphered at this time.
