Categories: Payment system news

Russia Acknowledges Crypto’s Popularity With Its Citizens as Central Bank Weighs Bank Involvement

Russia is moving closer to formally integrating crypto into its financial system, as officials acknowledge widespread adoption and the central bank prepares to let banks handle digital assets under tight controls.

According to a report by TASS, Deputy Finance Minister Ivan Chebeskov said around 20 million Russians now use cryptocurrencies “for various purposes,” describing them as a reality the government must address rather than resist.

TASS reported that Chebeskov argued the state needs to develop domestic infrastructure both to protect users and to secure “economic and technological benefits” for the country.

The scale of that adoption was highlighted by new figures TASS cited from the Bank of Russia.

According to the news agency, Russian citizens’ combined balances on cryptocurrency exchange wallets totaled 827 billion rubles (about $10.15 billion) at the end of March 2025, a 27% increase from the same period a year earlier.

TASS said most of those funds were held in bitcoin (62.1%), followed by ether (22%) and stablecoins USDT and USDC (15.9%). The central bank, according to TASS, also plans to survey cryptocurrency investments and lending activity between January and February 2026.

Central bank prepares tight rules for banks entering crypto

In a separate development, Interfax reported that First Deputy Governor Vladimir Chistyukhin said the Bank of Russia has decided to allow banks to operate in the crypto sector for the first time.

Speaking at the Finopolis conference, Chistyukhin said the regulator reached that decision after consulting with the banking sector, but intends to impose strict capital limits and reserve requirements to ensure crypto activity does not become a “dominant” business line.

Interfax also reported that the central bank proposed in March allowing cryptocurrency transactions only for “highly qualified investors,” with draft criteria still under discussion.

These include investment portfolios worth at least 100 million rubles or annual income above 50 million rubles. In May, the regulator issued a letter recommending that lenders cap their crypto exposure at about 1% of capital while it develops new rules for measuring crypto-related risks.

Together, the reports suggest a shift in policy: Russian officials are now publicly recognizing crypto’s entrenched role in the economy while preparing a tightly regulated pathway for banks to participate in the market.

superadmin

Recent Posts

As Tokenized Securities Scale, Market Fragmentation Emerges as Wall Street’s New Challenge

Tokenized securities are advancing into mainstream finance — but their expansion is exposing a problem…

8 hours ago

The Crypto Market Is Quietly Preparing for Its Next Rally, Expert

An on-chain pattern that has repeatedly preceded major Bitcoin advances is once again worth watching.…

21 hours ago

Stellar Opens Two-Way Bridge to Ethereum as Institutional RWA Gains Momentum on Network

To advance interoperability, Stellar has opened a two-way bridge to Ethereum, integrating its protocol with…

2 days ago

‪Google’s New Security System Will Allow Banks to Store and Transfer Crypto and Tokenized Assets

Google Cloud is introducing a service designed to help banks protect cryptocurrencies and tokenized assets…

2 days ago

XRP Whales Now Hold 68.5% of Supply in Highest Share Since 2022 — Is a Massive Rebound Quietly Brewing?

XRP may be struggling to regain its bullish momentum, but something intriguing is unfolding beneath…

2 days ago

Ethereum Is Now At The Bull Market Support Band—Here’s Why It’s Bullish

Ethereum is currently trading at a critical technical level known as the bull market support…

2 days ago