Bank of Russia | ForkLog

ForkLog 87 21.02.2025

Russia to Connect Banks to Cryptocurrency Transaction Analysis Service by 2025

Rosfinmonitoring plans to fully integrate Russian banks into its ‘Transparent Blockchain’ service by the end of 2025, enabling the identification of clients linked to cryptocurrency transactions. This was reported by RBC, citing Anton Lisitsyn, Deputy Director of the Federal Financial Monitoring Service. According to him, the pilot is in the final stage of approval. “We […]

AI translated

ForkLog 13 14.02.2025

Reputational Battle: BestChange Explains Service Blockage

On February 9, Roskomnadzor restricted access to the cryptocurrency exchange aggregator BestChange.ru within Russia. Later, in comments to ForkLog, the service’s legal team revealed that the blockage was initiated by the Bank of Russia. The BestChange team sought to understand the reasons behind the blockage and on February 13 provided ForkLog with a document containing […]

AI translated

ForkLog 7 12.02.2025

In 2024, 77% of Russian Pyramids Accepted Cryptocurrency Contributions

Throughout 2024, the Central Bank of Russia identified 5510 entities with characteristics of financial pyramids, 77% of which accepted contributions in cryptocurrencies (in 2023, this figure was 50%). According to the regulator, pseudo-investment offers “with guaranteed income” are also spreading offline. Nearly 20% of projects with signs of financial pyramids had more than two online […]

AI translated

ForkLog 6 11.02.2025

Bank of Russia Identified as Initiator of BestChange Block

The Bank of Russia has been identified as the initiator behind the blocking of the cryptocurrency exchange aggregator BestChange, according to comments made by the service’s lawyers to ForkLog. They speculate that the restrictions may have been imposed due to legal requirements concerning mining, particularly those preventing the advertisement of digital currencies to the general […]

AI translated

ForkLog 16 28.01.2025

Russia Tests Digital Ruble in Budget Operations

The Bank of Russia, the Ministry of Finance, and the Treasury conducted tests of specific operations with the digital ruble within the budgetary process at the end of 2024, as reported by RBC. Details remain undisclosed, but the Ministry of Finance indicated that the parties are exploring this application of CBDC. However, the ministry emphasized […]

AI translated

ForkLog 38 25.12.2024

Russia to Monitor Cryptocurrency Exchanges via Drop Accounts

The Bank of Russia, in collaboration with Rosfinmonitoring, is developing a platform to monitor suspicious transactions by individuals and facilitate the exchange of this information among credit institutions. This was revealed to RBC by Bogdan Shablya, head of the Central Bank’s Financial Monitoring and Currency Control Service. The initiative aims to combat the use of […]

AI translated

ForkLog 13 29.11.2024

Russian Central Bank Reports 4.8 Trillion Rubles in Crypto Transactions

In the second and third quarters of 2024, Russian users conducted cryptocurrency transactions amounting to 4.8 trillion rubles ($45.2 billion at the time of writing), according to the central bank’s assessment. This marks an 18% increase from the previous reporting period. As of September, the balances of Russians on cryptocurrency exchanges decreased by 15.8% compared […]

AI translated

ForkLog 7 25.11.2024

Bank of Russia Considers Unified App for Digital Ruble

The Bank of Russia has received a proposal from the ARB to develop a unified mobile application for digital ruble transactions, aiming to reduce infrastructure costs for the new national currency. This was reported by Vedomosti. The digital ruble is planned to be mandatory for implementation in all banks: those with a universal license by […]

AI translated

ForkLog 29 22.11.2024

Bank of Russia Releases Report on Real-World Asset Tokenization

The Bank of Russia has unveiled a report dedicated to the specifics of tokenizing real-world assets (RWA). According to the regulator, converting geographically tied assets into a digital format enhances their potential by increasing liquidity and making them more accessible to a broader range of investors. The central bank noted that globally, attitudes towards tokenization […]

AI translated

ForkLog 52 04.10.2024

Russian State Duma Committee Endorses AML Regulations for Digital Ruble

The State Duma’s Financial Market Committee has recommended the first reading approval of a bill to extend AML regulations to participants of the digital ruble platform, as reported by Izvestia. The initiative proposes a multi-tiered model for implementing anti-money laundering requirements. All platform users, except credit institutions, will be categorized by the Bank of Russia […]

AI translated

ForkLog 11 01.10.2024

Bank of Russia to Scrutinise Cross-Border Bitcoin Transfers by Citizens

The Bank of Russia has mandated 19 financial institutions to examine cross-border transfers by resident individuals related to cryptocurrency purchases. This is outlined in the regulator’s approved inspection programme for late 2024 to early 2025. The regulator aims to assess the volume of digital currency transactions, particularly stablecoins, conducted by Russians abroad. From October to […]

AI translated

ForkLog 11 17.09.2024

Russian Crypto Firms Excluded from Central Bank’s Experimental Group

Russian authorities have established a focus group for an experiment involving international cryptocurrency settlements, according to Vedomosti, citing three informed sources. The group includes select importers from the Russian Chamber of Commerce and Industry and the Association of Electronics Developers and Manufacturers, as well as some banks. “The focus group comprises importers facing significant challenges […]

AI translated

#Bank of Russia