Bank of Russia to assess Bitcoin holdings volumes as $36M leave banks

Bank of Russia to assess Bitcoin holdings volumes as $36M leave banks

The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account. The central bank of Russia is trying to evaluate the amount of Bitcoin (BTC) held by local investors amid a massive amount of money not returning to banks following the pandemic-fueled withdrawals.According to Elizaveta Danilova, head of the central bank’s financial stability department, the Bank of Russia is polling local cryptocurrency investors to estimate cryptocurrency investment volumes in Russia.“We need to work both on data and raising public awareness about the....


Related News

Russia aims to replace US dollar reserves with digital assets in long term

Last week, the Russian president said it was “a bit early” to use cryptocurrencies to settle oil trades. As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies.Aleksandr Pankin, deputy minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its usage in settlement with foreign partners in a Tuesday interview with local news agency....

Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With...

The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities. New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex....

Blockchain Being Considered for Banks by Russian Central Bank

A report has revealed that Russia’s Central Bank is considering a blockchain, albeit not the Bitcoin blockchain, to be used among banks in Russia to store all transactions on a shared distributed ledger. In a nod toward embracing blockchain technology, the Bank of Russia, the country’s central bank recently revealed the creation of a blockchain ‘working group’. The primary function of the working group is to evaluate and assess the potential real-world applications of the technology that underpins Bitcoin. Now, a report in prominent Russian publication Izvestia has cited sources close to....

Bank of Russia to Study Risks of Crypto Investing With Banks and Payment Prov...

The Central Bank of Russia (CBR) has set out to examine the risks associated with cryptocurrency investments. The regulator is going to conduct a dedicated study with the participation of major banks and payment processors operating in the Russian market. CBR Adds Crypto to Its Survey Program for 2021 Russia’s central bank, known as Bank of Russia, is planning to carry out research regarding the risks that accompany crypto investing. The study titled “Assessment of risks of using cryptocurrencies” has been added to the recently published “Bank of Russia survey....

Russian officials consider proposal to mine Bitcoin with associated gas

Russian authorities continue to show increasing interest in cryptocurrencies as Bitcoin nears a new all-time high. The Russian government is considering a new project to mine Bitcoin (BTC) with associated petroleum gas.Vasiliy Shpak, Deputy Minister of Industry and Trade of Russia, has reportedly filed a proposal with the Russian central bank and the Ministry of Digital Development to use the country’s oil field equipment for mining cryptocurrency.According to a report by Kommersant, the proposal was filed on Sept. 7, asking the government to provide their feedback on an initiative....