Bank of Russia | ForkLog

ForkLog 23 16.09.2024

Bank of Russia Highlights Risks of Cryptocurrency Transactions

The Bank of Russia views the widespread adoption of cryptocurrencies and stablecoins as a risk factor for the country’s domestic economy. This is outlined in the draft of the main directions for the development of the financial market until 2027. The regulator once again referred to digital currencies as “monetary surrogates” and emphasized that without […]

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ForkLog 29 12.09.2024

Russia’s Central Bank Sets Timeline for Digital Ruble Access

By July 1, 2025, Russia’s largest banks are required to offer clients access to digital ruble operations, including account opening, funding, and transfers. The Central Bank of Russia has submitted the relevant proposals for legislative amendments to the Ministry of Finance. Other banks with a universal license have until July 1, 2026, to update their […]

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ForkLog 8 09.09.2024

Bank of Russia to Develop Legal Framework for Digital Asset Segregation

The Bank of Russia is drafting amendments to enable the transfer of digital financial assets (DFA) into trust management and their inclusion in mutual investment funds. This was announced by the Deputy Chairman of the Central Bank, Philip Gabunia, as reported by Vedomosti. The regulator will outline a mechanism to segregate these assets from other […]

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ForkLog 7 05.09.2024

Russian Financial Pyramid Attempts Deceptive Entry into Digital Asset Market

An unnamed Russian platform for issuing digital financial assets (DFA) encountered fraudsters attempting to list their token on the market. This was revealed by the Deputy Chairman of the Bank of Russia, Philip Gabunia, as reported by Interfax. According to the official, the asset belonged to a certain financial pyramid, and the incident occurred “on […]

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ForkLog 11 14.08.2024

Russian Finance Ministry and Central Bank at Odds Over Bitcoin Exchanges

The Russian Finance Ministry and the Central Bank are in discussions about establishing cryptocurrency exchanges in the country, yet consensus remains elusive. This was disclosed by Russian Finance Minister Anton Siluanov, as reported by TASS. “This topic is under discussion, as both the Central Bank and the government, represented by the Finance Ministry, are actively […]

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ForkLog 10 30.07.2024

Russia’s Central Bank Sets Date for Cryptocurrency Experiments

30 July 2024 | 17:17Update: On 30 July, the Russian State Duma passed a bill in its second and third readings establishing an experimental legal regime (ELR) that permits the use of cryptocurrencies in foreign trade. This was announced by Deputy Anton Gorelkin. From 1 September, the document grants the Bank of Russia the authority […]

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ForkLog 12 30.07.2024

Rise in Pyramid Schemes Disguised as Clicker Games in Russia

In the first half of 2024, 59% of the 1723 identified financial pyramids attracted client funds in cryptocurrencies. Fraudsters often disguise these schemes as clicker games and meme coins, as reported by the Central Bank of Russia. More than 14% of illegal projects operated as economic games with a pseudo-investment component. Perpetrators exploit sanctions-related themes, […]

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ForkLog 17 25.07.2024

Russian Banks’ New Anti-Fraud Measures May Hinder Cryptocurrency Exchange

From July 25, Russian banks have implemented a new mechanism for the return of funds stolen by fraudsters. This could significantly complicate P2P cryptocurrency exchange operations, senior partner of the Emet law firm, Eduard Davydov, told ForkLog. In the event of theft, a client must contact the bank, which, after reviewing the claim, is obliged […]

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ForkLog 5 15.07.2024

Russian Duma Committee Endorses Bill for Experimental Cryptocurrency Settlements

The Russian State Duma’s Committee on Financial Markets has approved for first reading a bill establishing experimental legal regimes (ELR), which would allow the Bank of Russia to create a platform for using cryptocurrencies in international settlements, reports Interfax. The document grants the Central Bank of Russia regulatory functions. The project is automatically exempt from […]

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ForkLog 8 10.07.2024

Bank of Russia Rules Out Stablecoins for Domestic Payments

Stablecoins lack the characteristics of a universal payment method, such as the national currency, and thus their use in transactions between Russian residents is deemed unacceptable, according to a statement from the Bank of Russia. An analytical report highlighted that the emergence of “stable coins” was a response to the excessive volatility of cryptocurrencies and […]

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ForkLog 7 03.07.2024

Russia’s Central Bank Plans to Legalize Cross-Border Stablecoin Transactions

Russian authorities intend to permit the use of stablecoins for international transactions. This was reported to Izvestia by Alexey Guznov, Deputy Chairman of the Central Bank. According to him, the issue is to regulate the entire supply chain, which “would allow individuals to transfer [stablecoins] into Russia, accumulate them, and use them for cross-border payments.” […]

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ForkLog 12 18.06.2024

Bank of Russia Proposes Freeze on Suspicious Digital Ruble Transactions

The Bank of Russia has unveiled a draft directive to introduce a “cooling-off period” for suspicious digital ruble transactions, according to Interfax. Transfers are to be suspended for a couple of days if there are doubts about the voluntary consent of clients. In such cases, users will need to reconfirm the transaction order. The regulator […]

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