Bank of Russia Permits Crypto Operations for Private Banks
- The Bank of Russia will allow private banks to offer cryptocurrency operations.
- First Deputy Chairman Vladimir Chistyukhin announced the inclusion of crypto services.
- These operations will be subject to capital and reserve standards restrictions.
The Bank of Russia has opened the door for private banks to engage in cryptocurrency services, marking a significant shift in policy. These services, however, will be regulated by strict capital and reserve requirements as stated by First Deputy Chairman Vladimir Chistyukhin.
This development allows private banks to expand their service offerings into the growing crypto market while ensuring regulatory oversight through imposed restrictions on capital and reserves. Source
