Bank of Russia
Only for foreign trade: Bank of Russia stands against free crypto investment
Russia’s central bank is ready to consider allowing cryptocurrency use within the country, but only as part of a legal experiment, said governor Elvira Nabiullina. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during a Bank of Russia press conference on Dec. 16. The Bank of Russia’s primary objection to crypto has always been that it cannot be used as a payment instrument, Nabiullina emphasized. She added that the central bank is also concerned about investor protection because the crypto market is highly volatile. While Russia formally does not prohibit its people from investing in crypto, the Bank of Russia believes that the mass adoption of crypt...
Bank of Russia wants to ban miners from selling crypto to Russians
The Russian central bank continues to maintain an extremely negative stance on cryptocurrencies, proposing to ban local miners from selling coins to local people. The Bank of Russia has supported the idea of legalizing cryptocurrency mining in Russia as part of a draft bill introduced in mid-November 2022. However, the Russian central bank wants to allow miners to sell their crypto only on foreign exchanges and to non-residents of Russia, the local news agency Interfax reported on Dec. 7. “We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign infrastructure and only to non-residents,” the Bank of Russia’s press office reportedly said, adding: “In general, we adhere to the position on the inadmissibility of the circulation of digital currency on...
Russia unlikely to choose Bitcoin for cross-border crypto payments: Analysis
Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, the specific digital asset the government plans to adopt for such transactions still remains unclear. Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives. Bank of Russia needs to control cross-border transactions That Russia would allow Bitcoin or any other similar cryptocurrency to be usefor cross-border payments is “highly questionable” because such assets are “hard to control,” according to Elena Klyuchareva, the senior associate at the local law firm KKMP. Klyuchareva emphasized that the draft amendments to the legislation on cross-border crypto payments are not...
Russia aims to use CBDC for international settlements with China: Report
Russia is in the pilot phase of its central bank digital currency development (CBDC), and new reports indicate that the country could use its national digital currency to settle international trade. According to a report published in Reuters, Russia is reportedly planning to use the digital rouble for mutual settlements with China by next year. The digital rouble is currently being tested for settling with the banks and is expected to be completed by early next year. The United States Treasury Department added 22 individuals and two Russia-based entities to the sanction list in the third week of September. With the growing sanctions against Russia from the West in the wake of the ongoing conflict with Ukraine, the country has been actively looking for alternate financial routes and trade s...
Russian official says bill to give businesses leeway in use of crypto internationally
A Russian Finance Ministry official has provided new details about a bill on digital currencies, whicht is currently being drafted. The bill provides local infrastructure for settlements and regulation on mining, but will leave many details for businesses to work out on their own, the Finance Ministry’s Financial Policy Department head Ivan Chebeskov said Monday at a roundtable hosted by the International Chamber of Commerce Russia in Moscow. Interfax quoted Chebeskov as saying: “It is not completely clear how it should be regulated, so we give businesses the opportunity with this bill to pay with cryptocurrency, but in terms of what cryptocurrencies will be used, how to negotiate with counterparties, with which countries it will operate — all this we are leaving to entrepreneurs....
Bank of Russia agrees to legalize crypto for cross-border payments: Report
The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions. The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday. Deputy finance minister Alexei Moiseev reportedly said that the Bank of Russia and the finance ministry expect to legitimize cross-border payments in crypto soon. Moiseev outlined the importance of enabling local crypto services in Russia, noting that many Russians rely on foreign platforms to open a crypto wallet. “It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to...
Russia plans to roll out digital ruble across all banks in 2024
The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years. According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024. That would be an important year for Russia as the country is expected to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to get re-elected. By that time, the central bank expects to complete “real money” customer-to-customer transaction trials as well as the testing of customer-to-business and business-to-customer settlements. In 2023, the Bank of Russia also intend to conduct beta testing ...
‘Token will defeat cryptocurrency’: Russia debuts palladium-backed stablecoin
The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the local bank Rosbank. Rosbank officially announced on Monday that it became the first partner of the Russian blockchain firm Atomyze, acting as an investor in Russia’s first digital asset deal with palladium. According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze. The platform obtained registration from the Bank of Russia in February 2022, becoming the country’s first legal digital asset manager. Both Atomyze and Rosbank are backed by Interros, a Russian conglomerate and investment firm co-founded by sanctioned oligarch Vladimir Potanin. The CEO of the Russian nickel and palla...
Russian central bank needs to ease up digital asset projects, governor says
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that. On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013. At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy. As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated. She emphasi...
Central Bank of Russia tightens P2P transactions monitoring, including those in crypto
The Central Bank of Russia (CBR) recommended that the nation’s commercial banks ramp up monitoring users’ transactions that could be aimed at circumventing CBR’s “special economic measures to counter the outflow of foreign currency abroad,” local media reported on Thursday. The recommendation includes closer oversight over crypto trading, which is named among the vehicles for withdrawing capital from Russia. The letter, sent to the banking organizations by CBR’s vice chairman Yuri Isaev on Wednesday, directs them to pay closer attention to the instances of their clients’ “unusual behavior.” This includes “abnormal” transactional activity and uncommon patterns of expenditures. Any withdrawals of money via digital currencies should also attract increased attention, the letter spec...
USDT records new all-time high against Russian ruble as inflation hits
United States dollar-pegged stablecoin Tether (USDT) witnessed a spike of over 30% in five days against the Russian ruble — highlighting the negative and immediate impact of the ongoing war on the traditional financial system. Data from Cointelegraph Markets Pro and crypto exchange Binance show that the ruble is undergoing inflation as the USDT/RUB trading pair — for the first time in history — crossed 105 rubles. USDT/RUB price performance. Source: TradingView Prior to the spike, the USDT/RUB pair maintained a comparatively steady market price below 80 rubles. However, the ruble’s market price against USDT surged on Thursday, momentarily exceeding 90 rubles. As tensions escalated, on Sunday, the European Commission announced plans to remove Russian banks from the Society for Worldwid...
Ukraine accepts Bitcoin, Ethereum, USDT donations to fund ongoing war
Within the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) as donations. As Russia threatens to take over Ukraine’s capital city of Kyiv, the government of Ukraine sought help from numerous international organizations to overpower the imminent threat. However, considering time is of the essence, the official Twitter account of Ukraine extended its call for help to Crypto Twitter. Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d1...
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