Bank of Russia

A Dec 7 release from local news outlet Interfax has unveiled the Bank of Russia’s awaited stance on the crypto mining industry. Amid the country's fresh spotlight on crypto, Russia is imposing new measures on native miners. Russia’s Crypto Mining Bill Per the report, the Russian central bank is not opposed to giving the legal green light to crypto miners. However, the institution believes miners should not be able to sell digital tokens to Russian residents. Instead, miners should trade…

Russian President Vladimir Putin signed a bill into law preventing the use of digital assets as a means of payment According to the explanatory note on the draft law, the bill prevents “the use of digital financial assets… as a means of payment.” Specifically, it establishes a direct ban on the “transfer or acceptance of” digital financial assets as compensation for work, goods, or services. The note reinforces the primacy of the ruble as Russia’s official monetary unit.  “This article…

A representative of Russia’s Central Bank recently denounced private stablecoins in favor of a possible digital ruble. He claimed that the former is unsafe because its owners do not control the assets backing their value. CBDC VS Stablecoins As reported by local media on Monday, the unnamed representative argued that stablecoins are not in fact “stable” in value. Stablecoins are cryptocurrencies that attempt to circumvent industry volatility by pegging their value to relatively stable, real-world assets. They typically rely on…

While many of the most bullish crypto investors have adopted the term “digital assets,” Russia isn’t shying away from the industry’s origins. Authorities have recently agreed to recognize cryptocurrencies as “currencies straightforwardly”. That said, it will regulate these cryptos in a rigorous manner intended to weed out criminal activity in the space. Why Russia? The regulatory decision may come as a surprise to outsiders. El Salvador is the only country to recognize Bitcoin as a national “currency” to date. Even…

Atomyze is the first blockchain platform to receive a license to trade digital assets in Russia. The news of Atomyze’s license approval comes exactly a year after the platform applied alongside several other institutions. The license transforms Atomyze into the first officially registered fintech firm with the Bank of Russia. This also implies that the blockchain platform will legally issue tokens while offering digital wallet services to Russian customers. Atomyze employs decentralized technology to tokenize tangible assets. In this case,…