Bank of Russia | ForkLog

ForkLog 20 10.06.2024

Moscow to Implement Digital Ruble for Public Transport Payments

Moscow Mayor Sergey Sobyanin and the First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, have signed a cooperation agreement to develop the digital ruble platform as part of the SPIEF-2024. This was reported by TASS. Following the widespread adoption of the national CBDC, passengers will be able to pay for all types of […]

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ForkLog 9 07.06.2024

Russia’s Central Bank to Implement Currency Control on Digital Financial Assets

The Bank of Russia plans to extend currency control to transactions involving digital financial assets (DFA). This information comes from Vedomosti, citing a draft directive from the regulator. According to the document, the central bank proposes to require both residents and non-residents to register foreign trade contracts, settled through digital rights, with an authorized bank. […]

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ForkLog 11 24.05.2024

Russian Central Bank Assesses Cryptocurrency Transactions at 4.5 Trillion Rubles

In the fourth quarter of 2023 and the first quarter of 2024, the cryptocurrency turnover attributed to Russians, involving four crypto assets (Bitcoin, Ethereum, USDT, and USDC), reached 4.5 trillion rubles ($50.3 billion), according to a recent report by the Bank of Russia. This figure represents a 15.6% increase compared to the second and third […]

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ForkLog 20 25.04.2024

Five Russian Banks Pilot Bitcoin Transaction Tracking

The Central Bank of Russia, Rosfinmonitoring, and five major banks are conducting a pilot project to establish connections between users’ fiat and cryptocurrency transactions. This was reported by RBC, citing a statement from Ilya Bushmelev, Director of Project Portfolio Management at Innotech. The new service, “Know Your Crypto Client,” aims to train credit institutions to […]

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ForkLog 12 23.04.2024

Russia Sets Date for Cryptocurrency Pilot in International Settlements

Deputies of the State Duma have introduced a revised draft law permitting the Central Bank to initiate an experimental platform for using cryptocurrencies in international settlements starting from September 1, 2024. This was reported by Interfax. During the experiment, the regulator must coordinate several steps with Rosfinmonitoring, the FSB, and the Ministry of Finance. The […]

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ForkLog 24 30.03.2024

Russian Central Bank Estimates 2023 Cryptocurrency Turnover

By the end of 2023, the cryptocurrency turnover potentially attributable to Russians could have reached nearly 5 trillion rubles ($54 billion). This is stated in the annual report of the Bank of Russia, according to TASS. “An analysis of the crypto asset market indicates a potentially high level of Russian involvement in the crypto asset […]

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ForkLog 10 28.03.2024

Tinkoff Secures License for Digital Financial Assets Issuance

On March 28, the Bank of Russia added Tinkoff Bank to the registry of operators of information systems for the issuance of digital financial assets (DFAs). The regulator approved the relevant rules with the credit organization. In addition to Tinkoff, licenses for DFA issuance in Russia are also held by: Atomyze, Lighthouse, Sberbank, Alfa-Bank, Masterchain, […]

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ForkLog 9 29.02.2024

Bank of Russia Issues New Cryptocurrency Guidelines for Banks

The Bank of Russia has stated the need to minimize the involvement of financial institutions in activities related to the circulation of digital currencies. In particular, the advertising of services for the circulation of such instruments is deemed undesirable. Commercial banks are advised to identify transactions involving the purchase and sale of digital currencies using […]

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ForkLog 16 21.02.2024

Russian Central Bank Revokes License of Qiwi Bank Amid Cryptocurrency Exchange Transfers

Qiwi Bank’s license was revoked due to high-risk operations, specifically mentioning cryptocurrency exchanges. The closure of the payment system will not affect legitimate market players. The regulator’s statement in this case does not pertain to the crypto industry. On February 21, the Russian Central Bank revoked the license of Qiwi Bank for systematic violations of […]

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ForkLog 13 15.02.2024

Bank of Russia Considers Cryptocurrency Investment Possibilities

The Bank of Russia continues to refrain from recognizing cryptocurrencies as a means of payment within the country, yet it is exploring ways for citizens to potentially use them. This was reported by TASS, citing the regulator’s deputy chair, Olga Polyakova. One possible scenario includes investment, taking into account the significant risks involved. “Investment is […]

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ForkLog 15 31.01.2024

Seventeen More Banks Join Digital Ruble Testing

Seventeen additional banks have joined the pilot project for testing the digital ruble, having signed the necessary agreements. This was reported by the Central Bank of Russia. The new participants include Sberbank, Tinkoff Bank, Rosselkhozbank, Russian Standard Bank, Novikombank, Tochka Bank, the settlement non-bank credit organization “Dengi.Mail.Ru”, Expobank, RNKB, AB “Russia”, MSP Bank, VBRR, Orenburg […]

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ForkLog 10 15.01.2024

Bank of Russia Identifies ‘Slovopacana’ as a Pyramid Scheme

On January 12, the Bank of Russia expanded its list of companies exhibiting signs of illegal activity in the financial market. The regulator has classified the cryptocurrency project ‘Slovopacana’ as a financial pyramid. The project’s organizers offer the purchase of a native token called Boiler (BLR), which purportedly increases in value daily by 1% to […]

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