Bank of Russia News

Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued.

Russia’s central bank is preparing to launch the first consumer pilot for the digital ruble in collaboration with 13 local banks.

Gazprombank, a subsidiary of a state-owned energy corporation, which participates in Russia’s CBDC initiative, fears losing a part of its income as the digital ruble replaces traditional fiat currency.

The country’s central bank will begin studying two possible cross-border CBDC settlement models this quarter.

The Russian government doesn’t want to enable Bitcoin for regular Russian people, but rather exclusively for foreign trade entities.

The Russian central bank supports the idea of legalizing the crypto mining business, but only if miners sell their coins to non-residents of Russia.

Local lawmakers are working on amendments to the existing legislation “On digital financial assets” in consultation with market stakeholders.

Russia’s central bank has released a report on digital assets which looks at how the technology could be integrated into its traditional financial system.

Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable.

Russia is currently in the pilot phase of its CBDC development and is expected to complete the development by early next year.

Finance Ministry official says an upcoming bill may provide local infrastructure and allow businesses to negotiate the use of cryptocurrencies in international trade on their own.

Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said.

Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes.

The adoption of digital assets provides a good opportunity to ensure uninterrupted payments for imports and exports, Russia's prime minister said.

A new survey hints at a lack of crypto awareness in Russia as only 6% of respondents were found to have a good knowledge of crypto.