Tagbank of russia

Cryptocurrency Fever is Starting to Fade: Russian Central Bank

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russia central bank cryptocurrency

Elvira Nabiullina, the head of the Central Bank of the Russian Federation, claimed that investors’ excitement toward cryptocurrency has begun to cool. Her remarks came at the FINOPOLIS innovative financial technology forum. Cryptocurrency Fever ‘Beginning to Disappear’ The famed Russian economist and former economic advisor to the Russian President Vladimir Putin represented...

Russia’s Central Bank: ICO Pilot a Success, Legal Hurdles Remain

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Bank of Russia ICO

A regulatory platform operated by the Bank of Russia has concluded an initial coin offering (ICO) pilot, a central bank official has revealed. Speaking at the Eastern Economic Forum in Vladivostok – a port city near the Chinese border –Ivan Semagin, deputy director of financial markets development at the Bank of Russia revealed the authority’s sandbox ICO experiment proved a success...

Russian Police Seize 22 Cryptocurrency ATMs Under Central Bank Request

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Russia police

Russian police have recently seized cryptocurrency ATM machines under orders from the country’s central bank. According to local publication RBC, the ATM developer impacted by the seizure plans to appeal the action, and has incurred economic damage and costs to its reputation, said Sarkis Darbinian, an attorney for the Center of Digital Rights, which defends the company. Artem Bedarev, head...

Blockchain Tech Isn’t Mature Enough Yet, Says Russian Central Bank Official

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Blockchain Tech Bank of Russia

A senior official at Russia’s central bank has contended that blockchain technology needs to improve in security and scale and is currently not ‘mature’ enough. Bank of Russia deputy governor Olga Skorobogatova was speaking at the annual St. Petersburg International Economic Forum during the weekend when she made several pointed remarks on blockchain technology. According to a local report, the...

Russia’s Central Bank Will Host an ICO Pilot on its Regulatory Platform

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Central Bank of Russia Bitcoin

Russian banking giant Sberbank and the country’s National Settlement Depository will test an initial coin offering on a central bank regulatory platform. Sberbank and the National Settlement Depository (NSD), Russia biggest bank and the securities depository respectively, will test the issuance of an initial coin offering (ICO) on a regulatory platform established by the Bank of Russia, the...

ICOs Have “Huge Potential” for Investments: Russian Central Bank Official

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Sergey Shvetsov ICOs Russia

A senior official from Russia’s central bank has pledged support for initial coin offerings, or ICOs, after underlining its “tremendous potential” for financing entrepreneurs and startups. Sergey Shvetsov, the first deputy governor of the Bank of Russia, has said the central bank will “support the development” of ICO fundraising in Russia. According to Russian state news agency TASS, Shvetsov...

Breaking: Russia Will Block Bitcoin Exchange Websites, Says Central Bank Official

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Russia Bitcoin Ban

According to a Reuters report, Sergei Shvetsov – first deputy governor of the Central Bank of Russia (CBR) has stated today that Russia will block access to websites belonging to exchanges and trading platforms offering cryptocurrencies like bitcoin. The central bank official was speaking at a financial markets conference today when he pointed to the “dubious” nature of bitcoin – as an investment...

Russia’s Central Bank Issues Warning on ICOs, Cryptocurrencies

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Central Bank of Russia Bitcoin

The Bank of Russia has issued a public statement on the risks it sees inherent in initial coin offerings (ICOs) and cryptocurrencies. The Bank of Russia, the country’s central bank, published a public notice on its stance toward cryptocurrencies and digital token sales, citing a number of queries from investors and media about the rise in popularity and adoption of digital currencies. The central...

Russia’s Parliament is Discussing the Legalization of Bitcoin

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In April, CCN reported that Russia could recognize and regulate bitcoin and other cryptocurrencies in 2018, according to the words of Deputy Finance Minister Alexei Moiseev who spoke about the subject. At the time, this market a U-turn from the official who had in the past proposed to imprison bitcoiners in the country. Only a few days later, Bank of Russia’s Fintech chief Maxim Grigoriev...

Breaking: Russia’s Central Bank is Developing a National Digital Currency

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Russia National Digital Currency

The Central Bank of Russia is testing a number of digital currency pilots toward the development of a national digital currency. Speaking at the 2017 St. Petersburg International Economic Forum today, deputy chairwoman of Russia’s central bank Olga Skorobogatova has, in a significant revelation, stated that the regulator is working on a national digital currency. According to a report by TASS...

Russia Won’t See Bitcoin as Currency, Says Central Bank Chief

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Central Bank of Russia Bitcoin

The head of the Central Bank of Russia has stated that bitcoin will not be considered a currency, amid plans toward regulating it as a ‘digital asset’. Elvira Nabiullina, the governor of the Central Bank of Russia, has confirmed that the authority is looking into the possibility of regulating bitcoin. Earlier in April, Russia’s deputy finance minister Alexei Moiseev – having led the effort to ban...

Russia’s Central Bank Plans to Tax Bitcoin, Deem it a ‘Digital Commodity’

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Russia Bitcoin

The Central Bank of Russia could soon recognize digital currencies like bitcoin as digital commodities and tax them accordingly. According to the central bank’s deputy chairwoman, Olga Skorobogatova, the central bank is in the process of drafting legislation to legally recognize and monitor digital currencies. The preliminary draft regulation could be presented to the Russian State Duma, the...

Talk of 2018 Bitcoin Legalization Premature: Bank of Russia Official

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Red Yellow Bitcoin Russia

Days after the Russian deputy minister for finance hinted at the possibility of legally recognizing bitcoin next year, a central bank official has poured scorn on such expectations. Earlier this week, Alexei Moiseev, deputy finance minister of the Russian federation who notably led the effort to ban bitcoin as early as 2014, spoke about recognizing the cryptocurrency in 2018 in a legal capacity...

Blockhain Considered in Proposal to Improve Regulating Russia’s National Payment System

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Russia’s Association Financial Innovation (AFI) released a “roadmap” for improving the regulation of the National Payment System that includes using blockchain technology, according to Plusworld, a Russian news source. Following discussion, the proposal is to be submitted to the Bank of Russia, the Ministry of Finance, the Federal Financial Monitoring Service and the State Duma. First Provision...

Russian Central Bank Tests Transactions on Ethereum Blockchain Prototype ‘Masterchain’

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The Bank of Russia has developed and tested on an Ethereum-based blockchain prototype called ‘Masterchain’ for financial messaging, to be used by banks in Russia. The Bank of Russia, the country’s central bank, has developed a technical prototype called ‘Masterchain’. The prototype is based on distributed ledger or blockchain technology for the Russian financial market, an announcement by the...

Bank of Russia Executive: 50% of Today’s Banking Industry Shuts Down in 10 Years

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Bank of Russia

The Russian central bank’s director of Fintech, Projects and Process Management has opined that half of the banks’ branches and jobs in existence today will be obsolete in 10 years. The Fintech revolution is poised to deal a comprehensive blow to the current banking sector, according to Vadim Kaluhov, director of the Financial Technology, Projects and Process Management at the Bank of Russia...

Russian Banks Form Private Blockchain Consortium

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Blockchain

Russian banks and financial services firms have come together to form the country’s first financial blockchain consortium, a coalition that will seek to explore and implement blockchain solutions in the banking and financial services industries. Announced at the beginning of the month, Russia’s first ever blockchain consortium will see various prominent banks and notable financial and...

Russian Central Bank Official Talks National Digital Currency

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Olga Skorobogatova, deputy chairman of the Bank of Russia (Russia’s central bank) has, in a blockchain conference, spoken about the possible development and creation of a national digital currency in the Russian Federation. Speaking at the “Blockchain and Open Platforms” conference in Russia, Deputy Chairman of the Bank of Russia Olga Skorobogatova has suggested that a national digital currency...

Blockchain Being Considered for Banks by Russian Central Bank

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Blockchain Russia

A report has revealed that Russia’s Central Bank is considering a blockchain, albeit not the Bitcoin blockchain, to be used among banks in Russia to store all transactions on a shared distributed ledger. In a nod toward embracing blockchain technology, the Bank of Russia, the country’s central bank recently revealed the creation of a blockchain ‘working group’. The primary function of the working...

Russia’s Central Bank Establishes Blockchain Working Group

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While Russian authorities and regulators take a notoriously hardline stance against Bitcoin, the country’s central bank has announced the establishment of a ‘working group’ that will seek to study distributed ledger or blockchain technology, the same underlying technology that powers Bitcoin. In a confirmed nod toward showing favorability toward blockchain technology and new financial...

Russian Ruble’s Depreciation Could Trigger Bitcoin Run

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The Russian ruble is in serious trouble. A strengthening dollar, falling oil prices and a lethargic economy have conspired to cause the ruble’s latest plunge. On Thursday, the ruble fell by about 4% to exchange at 46.68 to the US dollar. This represents a 14-year low. Cumulatively, the ruble has shed 25% of its value in 2014 alone, making it one of the worst performers in the money markets...

Bank of Russia signals new attitude towards Bitcoin

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Russia has had a rather broad legal gray area for Bitcoin in the past year. On January 27 of this year, the Bank of Russia issued a statement that warned against money substitutes banned for emission in Russia. Similar to actions of many other governments, it cited anonymity in the facilitation of drug trafficking, money laundering and terrorism. In February, the Russian Prosecutor...

BREAKING NEWS: Central Bank of the Russian Federation Discourages Use of Bitcoin

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Russia

The Central Bank of Russia has released their view on cryptocurrencies like Bitcoin. We have earlier argued that Russia may outlaw the use of Bitcoin due to its strict monetary policy. It seems our presumption was correct as the press release from the Central Bank of Russia is hostile against the use of Bitcoin and other digital currencies. A Russian source has told us that the Central...