Bank of Russia News

Russian banks have started rolling out crypto investment products tied to the price of Bitcoin following a greenlight from the central bank.

Russia’s central bank announced a proposal in March to allow a limited number of Russian investors with a certain amount of assets to buy and sell cryptocurrencies under a three-year experimental regime.

Ripple faces a $125 million civil penalty after a federal judge rules in favor of the SEC, rejecting the agency’s $2 billion claim.

Russia explores other forms of international trade settlement following US sanctions blocking it from the SWIFT interbank messaging system.

The most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and system failures (21%).

According to Olga Skorobogatova, first deputy governor of the Bank of Russia, initiating pilot operations using genuine digital rubles represents a pivotal phase within the project.

From 2025 business-to-business transactions will cost $0.16 each, while individual customers will pay 0.3% of the total transaction sum when transferring to commercial accounts.

Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, the governor of the Bank of Russia said.

2025–2027 might still seem far away, but the Central Bank of Russia is preparing its CBDC for mass adoption by then.

The legislation will now move to the upper chamber of the Russian Federal Assembly and, if passed, to the president’s desk.

The bill could be changed regarding debt operations, services for non-residents and the role of the central bank.

The Russian digital ruble pilot launch was delayed until at least May, but the government still hopes to kick off the currency in 2024.

Russia’s central bank plans to create new institutions to mine crypto assets and settle international payments.

The participating banks expressed their readiness to proceed with the CBDC pilot.

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