News with the tag "Bank of Russia"

Russia’s largest bank, Sberbank, is reportedly becoming one of the official market makers for the upcoming regulated crypto platforms following the country’s regulatory developments within its digital asset landscape. The bank reportedly expects the emergence of a “new world” of instruments for inve...

The Central Bank of the Russian Federation has reportedly released a proposal that if approved, would allow qualified entities to trade crypto assets. In a statement, the central bank proposes a three-year experiment where wealthy investors and certain firms have the greenlight to buy and sell crypt...

The Russian deputy finance minister has revealed some details of a possible experiment with domestic cryptocurrency trading. He stressed that the experiment is only at the discussion stage at the Finance Ministry and Bank of Russia, however. The discussion has been underway for months. Russian Deput...

Russia’s economic machine, once turbocharged by war and government spending, is now running out of steam. Nearly three years after the Ukraine invasion, Moscow’s upbeat mood — with its packed restaurants and buzzing luxury stores — feels like a thin veil over a much more fragile reality. Inflation i...

Recent reports revealed that Russian companies have begun using Bitcoin and other digital assets in international trade to bypass sanctions. The country’s Finance Minister also shared the government’s plan to expand its crypto use as an alternative for international payment. Russian Companies Use Bi...

The Bank of Russia is developing a new centralized platform to identify and restrict cryptocurrency over-the-counter (OTC) trading. According to Bogdan Shablya, head of the Financial Monitoring and Currency Control Service at the central bank, the system will specifically target individuals who lend...

Russian banks, particularly smaller ones, are unhappy about the high cost (between $1.25 million and $2 million) of integrating with the central bank’s digital ruble platform. This cost is seen as prohibitive for many banks, exceeding their IT budgets. The central bank has mandated different deadlin...

A Fellow at the Carnegie Russia Eurasia Center and former adviser at the Central Bank of Russia has weighed in on the digital ruble, Russia’s central bank digital currency (CBDC), highlighting its potential role in reshaping Russia’s financial landscape amid sanctions. While the digital currency cou...

The recent publication by the Central Bank of Russia titled “Digitalization of Payments and Implementation of Innovations in the Payment Market (2024)” has garnered significant attention within the global financial community, particularly due to its mention of Ripple’s cross-border payment system. T...

In a significant development for the global financial and cryptocurrency landscape, the Governor of the Bank of Russia, Elvira Nabiullina, confirmed that the long-anticipated digital rouble is set to be officially launched in July 2025. This announcement was made as part of Russia’s ongoing effort t...