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Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia
26.7.2023
President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1. President...
Bank of Russia Expects Significant Growth in Digital Assets Market
20.5.2023
The Central Bank of Russia predicts an increase in the issuance of digital assets, citing some of their advantages. The monetary authority has published a report presenting the progress made by the growing industry and assessing the prospects for its further development. Russia’s Central Bank...
Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say
3.5.2023
Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks...
Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements
19.4.2023
Bank of Russia is building a system of gateways with foreign payment networks and is now working with Turkey in this field. Russia’s monetary authority would also allow the experimental use of cryptocurrencies in foreign economic activities, its head was quoted as saying. Russia’s Central Bank...
Russian Parliament Votes on Bill Opening Door for Digital Ruble
18.3.2023
Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian...
Bank of Russia Registers Another Digital Asset Issuer
13.3.2023
The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize traditional assets and organize their trade. Number...
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs
11.1.2023
The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank...
Bank of Russia to Test International Crypto Payments With Companies
21.12.2022
The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto...
Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions
16.12.2022
The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central...
Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto
13.11.2022
The Central Bank of Russia supports the development of digital financial assets but remains opposed to legalizing crypto payments, its top management has reiterated. The monetary authority is now working on a set of regulatory proposals that will be submitted to parliament by the end of the year....
Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders
9.11.2022
The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia...
Bank of Russia Adds Digital Assets to Banking Chart of Accounts
3.10.2022
Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks...
Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon
22.9.2022
Major government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled. Financial...
Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option
10.9.2022
Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months,...
Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached
7.9.2022
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions. Financial Authorities...
Russian Crypto Scammers Go Offline, Open Offices, Central Bank Worried About Trend
29.8.2022
An increasing number of financial and crypto pyramids targeting Russian investors have been opening physical offices in the country. The Central Bank of Russia has recently expressed concern over the trend which is seen as an indication that the fraudsters expect growing demand. Russian Crypto...
Bank of Russia Eases Restrictions on Purchases of Dollar and Euro Cash
28.8.2022
The Central Bank of Russia has relaxed some limitations for Russian banks selling U.S. dollars and euros to the public. The increased supply of foreign cash may affect the crypto market in the country as currency restrictions have been a driver of increased demand for digital coins. Monetary...
Bank of Russia Aims for Full Launch of Digital Ruble in 2024
14.8.2022
The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary...
Bank of Russia Says Stablecoins Are Not Suitable for Settlements
14.7.2022
The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins....
Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad
4.7.2022
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies...