Bank of Russia Tests Services Related to Cryptocurrencies

Bank of Russia Tests Services Related to Cryptocurrencies

Russia’s central bank has examined three platforms offering crypto-related services. The projects have been tested in its regulatory sandbox in the course of 2020. Bank of Russia has received dozens of requests to pilot various financial services since it created the closed regulatory environment around three years ago. CBR Pilots 3 Crypto Projects in 2020 The Central Bank of the Russian Federation (CBR), also known as Bank of Russia, launched the sandbox back in 2018, when developments in financial technology and decentralized digital assets presented regulators with a new set of....


Related News

Bank of Russia Rejects Provision of Crypto-Related Financial Services

Russia’s central bank has voiced opposition to the provision of financial services related to cryptocurrencies. The monetary authority believes such offerings would go against the interests of Russian investors as they are highly risky. Central Bank of Russia Unwilling to Allow Financial Services for Crypto Assets The Central Bank of Russia (CBR), known for its hardline stance on the legalization of cryptocurrencies, has dismissed a call by members of the financial sector to authorize the provision of crypto-related services. The regulator announced its position during a meeting....

Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade

Authorities in Russia are discussing two very different approaches to the regulation of cryptocurrencies and related activities. While the Bank of Russia is reportedly seeking to introduce a ban on buying crypto assets, lawmakers are moving forward with efforts to adopt rules for mining, exchange, and taxation that would effectively legalize cryptocurrencies. Russian Officials Debate Over Alternative Crypto Regulations Russian institutions, including the central bank and the lower house of parliament, the State Duma, are mulling over how to put the country’s growing....

Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Ab...

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 for payments, even if only internationally. Central Bank of Russia to Accept Legalization of Cryptocurrency Mining The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....

Deutsche Bank to Exit Russia, Says There Will Be No New Business There

Germany’s Deutsche Bank has become the latest financial services giant to confirm it’s leaving Russia over Moscow’s military assault on Ukraine. The bank has been reducing its Russian exposure since 2014 when Russia annexed Crimea and the conflict in Eastern Ukraine erupted. Amid Ongoing War in Ukraine, Deutsche Bank Pulls Out of Russia Deutsche Bank, Germany’s largest banking institution, is scaling down operations in the Russian Federation. The bank announced its move in a statement posted on Twitter late on Friday, condemning Russia’s invasion of....

Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets

The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal. Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies Cryptocurrencies in the Russian Federation, as well as related activities, remain only partially regulated, mainly through the law “On Digital Financial Assets,” which went into force at the beginning of this year. One....