Russia

Russia’s central bank, the Bank of Russia (BoR), has announced plans to launch digital ruble services for public use by 1 July 2025, as reported by Jordan Finneseth for Kitco News on September 16. By that date, major banks will be required to offer digital ruble accounts and facilitate transactions, including transfers and deposits. The […]

According to a recent Chainalysis “Policy and Regulation” report, Russia is taking bold steps to counter Western sanctions by passing legislation that legalizes cryptocurrency mining and allows the use of crypto for international payments. This marks a significant policy shift in the country, where cryptocurrencies were once heavily restricted. Chainalysis stated that the bills, signed […]

According to a Bloomberg report, Russia is preparing to begin trials that involve the use of cryptocurrency exchanges and digital tokens for cross-border transactions, aiming to mitigate payment difficulties exacerbated by international sanctions. The trials are scheduled to start on September 1, as reported by sources familiar with the matter. The trials will utilize the […]

In a recent report by TASS, a major state-owned news agency in Russia, Valentina Matviyenko, the Speaker of Russia’s Federation Council, announced significant progress on the BRICS digital payment platform, an initiative that could potentially revolutionize global financial transactions. This development comes as Russia continues to navigate the challenges of extensive international sanctions and its […]

On August 8, Russian President Vladimir Putin signed a law that officially legalizes cryptocurrency mining in Russia. According to a report by Russian news agency TASS, the law introduces several key concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and the role of individuals organizing mining pool activities. It also clarifies […]

Russia is set to introduce a ban on organizing the circulation of cryptocurrencies from September 1, according to Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. The decision, as reported by local news outlet National News Service (NSN), will allow only digital financial assets issued within the Russian jurisdiction. Anatoly Gennadyevich […]

In a revealing update from Russia’s central bank, it’s become clear that amidst ongoing international tensions, the Chinese yuan is emerging as a crucial asset for Russia’s reserve holdings. According to a Bloomberg News article published on March 29, the Russian financial authority has expressed a lack of viable alternatives to the yuan following the […]

According to a report by Ernest Hoffman for Kitco News published yesterday, data from the International Monetary Fund’s (IMF) International Financial Statistics (IFS) reveals that Russia’s Central Bank increased its gold reserves in August 2023. The reserves have apparently returned to their initial levels at the start of the year, at 2,333 tonnes. This information […]