Russia Recognizes Crypto Growth; Central Bank Plans Banking Integration
Russia is advancing towards integrating cryptocurrencies into its financial system, acknowledging their widespread use and planning to let banks handle them under strict regulations.
- Deputy Finance Minister Ivan Chebeskov noted that approximately 20 million Russians use cryptocurrencies, necessitating government attention and infrastructure development for protection and economic benefits.
- Russian citizens’ cryptocurrency exchange wallet balances totaled 827 billion rubles ($10.15 billion) as of March 2025, marking a 27% increase from the previous year.
- Most funds are held in bitcoin (62.1%), followed by ether (22%) and stablecoins USDT and USDC (15.9%).
Central Bank's Regulatory Approach
- The Bank of Russia will allow banks to operate in the crypto sector with strict capital limits and reserve requirements.
- Only "highly qualified investors" may participate in cryptocurrency transactions, with criteria under discussion.
- Recommendations include capping banks' crypto exposure at about 1% of capital while developing rules for crypto-related risks.
This policy shift indicates Russia's recognition of crypto's role in its economy and its effort to regulate bank participation in this market.