As global cryptocurrency companies increasingly consider going public, the Russian central bank has officially recommended local exchanges to avoid crypto-related listings. The Bank of Russia issued an information letter on Monday, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services. The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and crypto funds. The Bank of Russia also recommended asset managers to …
Russian people are among the world’s most active participants of the cryptocurrency market, according to the country’s central bank. The Bank of Russia published a fresh review on financial stability on Nov. 25, pointing out the country’s growing role in the $2.8 trillion market. Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion USD. It appears to be unclear whether the Bank of Russia has converted these estimations as the price of Bitcoin (BTC) …
The Russian central bank has once again reiterated its negative stance on Bitcoin (BTC), with one of the bank’s top executives comparing the cryptocurrency with a pyramid scheme. Sergey Shvetsov, the first deputy governor at the Bank of Russia, expressed the authority’s concerns over cryptocurrency investment in a Wednesday interview, warning about the perceived risk of losses by investors. Shvetsov said that local investors have been increasingly pouring their money into alternative financial instruments that he referred to as “technological financial pyramids,” stating that Bitcoin is just one of such pyramid schemes. He said that many retail investors expect huge …
Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify digital assets. The new Russian legislation dubbed “On Digital Financial Assets” sets a clear direction for the treatment of cryptocurrencies by authorities and how both individuals and businesses can handle them in everyday practice. Nevertheless, the new legislation may give pause to payments companies and fintech companies keen on expanding into the Russian market. While the approach of the Russian legislature toward cryptocurrencies — or digital assets, as they are …
A Russian State Duma member has blasted the central bank’s tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country. Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russia’s approach to regulating the crypto industry following a Tuesday plenary meeting of the State Duma. In a Tuesday Telegram post, Tumusov outlined the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (BTC) amid increasing demand. The official argued that despite Russia enforcing crypto legislation earlier …