Russia will allow banks to conduct cryptocurrency business, but will impose strict restrictions

ChainCatcher news, according to Cryptopolitan, Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia (CBR), revealed at the Finopolis forum that the Central Bank of Russia has decided to allow banks to engage in cryptocurrency activities, but will introduce strict capital limits and reserve requirements.

Chistyukhin acknowledged, "We take a conservative approach. We are considering, for example, whether incorporating cryptocurrencies into the balance sheet truly falls within the scope of banking." However, he also admitted, "After discussions with the professional banking community, we believe that it may be meaningful for banks to participate in such activities."

Chistyukhin also pointed out that the Central Bank of Russia hopes to pass comprehensive legislation regulating cryptocurrency investments next year. This would enable authorities to implement a licensing mechanism, which they believe will allow the first licensed service providers to enter the market by the end of the year.

Chistyukhin's call for the swift approval of appropriate cryptocurrency legislation has received support from his superior, Elvira Nabiullina, the Governor of the Central Bank of Russia.