Russian investors now look at digital financial assets as an investment tool rather than just a “hype product,” AFD head Evgeny Masharov said. Cryptocurrencies like Bitcoin (BTC) are getting increasingly popular with Russian investors, apparently displacing traditional investment products, according to a new survey. Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused…
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According to Russian crypto advocates, the existing laws “do not meet the needs” of the cryptocurrency market. A group of Russian lobbyists led by the law firm Digital Rights Center has launched a new campaign against regulatory initiatives that they feel are impeding cryptocurrency adoption in the country. The group has created a platform designed…
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The Bank of Russia hopes to complete a prototype platform for a digital ruble by the end of 2021. The central bank of Russia is expecting to start pilots for its central bank digital currency in 2022, a senior executive reportedly claimed. Bank of Russia deputy governor Alexey Zabotkin said that the bank is planning…
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Anatoly Aksakov of the Russian State Duma suggested that global jurisdictions should ban Bitcoin as a payment method. Anatoly Aksakov, a member of the Russian State Duma, has reiterated his negative stance on Bitcoin (BTC) shortly after the cryptocurrency briefly retouched $40,000 on Jan. 14. In an interview with local news agency TASS, Aksakov argued that…
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With the declared intent of reducing risk, the moves look to cut new investors off from opportunities to get out of the ruble. Beginning investors in Russia will soon find themselves with fewer options to beat plummeting interest rates offered at Russian savings accounts. In addition to the investors themselves, the big losers are likely…
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Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency. Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble. Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban…
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The Ministry of Finance is proposing harsh prison sentences for crypto holders, but what about shadow exchanges and darknet criminals? Russia’s vast oversight of cryptocurrency transactions appears to have one crucial blindspot: There doesn’t seem to be any liability for criminals who use digital assets to conduct illegal transactions. On Thursday, Russia’s Ministry of Finance…
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The pandemic-induced crisis is galvanizing new trends across all aspects of the global economy, including digital currencies. The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of…
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Russia’s digital ruble will not have the same level of anonymity as cash, says official. Elvira Nabiullina, the head of the Bank of Russia, argued that there is a line between anonymity and privacy regarding the circulation of an upcoming digital ruble. Speaking at a press conference on Oct. 23, Nabiullina said that Russia’s digital…
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The first pilots of Russia’s digital currency are expected to launch in H1 2021. A number of financial institutions in Russia have expressed interest in testing the country’s central bank digital currency, or CBDC. According to an Oct. 16 report by local news agency Izvestia, at least five Russian banks are interested in taking part…
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