Tagged: bank of russia

Bank of Russia Shares Details on Evolution of Digital Asset Market in Consultation Paper

The Bank of Russia proposes to discuss possible circulation of digital assets “at exchange trading, harmonization of approaches to their taxation with traditional financial instruments, conditions for acquiring digital assets by individual institutional investors, establishment of the accounting procedure for such investments, as well as… Read More

Bank of Russia Launches Digital Ruble Testing, Completes First Transfers between Individuals

The Bank of Russia and market participants “launched the testing of the digital ruble platform and successfully completed the first digital ruble transfers between individuals.” The creation of a prototype of the digital ruble platform was “finished in December 2021.” Twelve banks announced their readiness… Read More

Trading on Moscow Stock Exchange Closed for Another Week, a Change in the Ruble Exchange Rate Planned

The Bank of Russia has taken the extraordinary measure of halting trading on the Moscow Stock Exchange now for a second week. In a public statement, the Bank said there would be no trading from 14 to 18 March 2022 on the Moscow Exchange in… Read More

Bank of Russia Publishes Consultation on Crypto: Substantial Risks for Retail Investors and Mining

The Bank of Russia has published a consultation paper on “Cryptocurrencies: Trends, Risks and Regulation.” The central bank has published an executive summary which is available in English. According to the bank, Russian citizens are currently transaction around $5 billion in crypto per year. Meanwhile,… Read More

Tinkoff Bank Named Systemically Important Russian Lender, Founder Pays $500M+ Fine in US

Tinkoff Bank has been added to the Bank of Russia’s list of 13 systemically important lenders, the institution said this week. They said the decision was based on such factors as higher than average business growth and an extensive customer base. The move comes days… Read More

Russian Authorities Clarify that Cryptocurrencies May Be “Contractual Means” of Conducting Payments

The State Duma has recently acknowledged that amendments to the Civil Code (in Russia) that cryptocurrencies (or “digital monetary units”) may be considered “a contractual means” of conducting payments in the country, according to Pavel Krasheninnikov, Chairperson of the Duma Committee on Legislation, at the… Read More

Russia to Ban Crypto? Recent Interview by Central Bank Official Raises Possibility

Earlier this week Alexey Guznov, Director of the Legal Department of the Bank of Russia, was interviewed by Interfax on a diverse range of topics. The discussion also included the regulatory approach to digital assets and pending legislation. Currently, there is draft legislation in the… Read More

Central Bank of Russia Announces Digital Asset Framework, Regulatory Sandbox Pilot

The Central Bank of Russia issued a release this week indicating a pilot project leveraging blockchain for the issuance of “digital rights” has been completed. The intent is to allow the tokenization of goods, services, and other assets including securities. Draft legislation is expected soon…. Read More

Report: Head of Russia’s Central Bank Joins Chorus of Regulators Critical of Private Currencies Like Facebook’s Libra

Elvira Nabiullina, governor at the Bank of Russia since 2013, told the Russian parliament this week that she supports Fintech innovations but opposes private currencies like Facebook’s Libra because they pose a threat to financial stability. She also said she and the bank are monitoring… Read More

Russian Central Bank Wary of Cryptocurrencies; Sberbank Suspends Crypto Desk Plans

Bank of Russia head Elvira Nabiullina has told deputies of the State Duma (parliament) in Russia that her organization is wary of cryptocurrencies, Pravo reports: “We are against the legalization of cryptocurrency as a means of payment. We believe that there are big risks for… Read More

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