Bitcoin Magazine

Russia’s Sberbank Estimates $46.4B Trading Volume in First Year of Crypto Buildout

Russia’s largest bank, Sberbank, has said it expects trading volume with its new crypto rollout to hit 4 trillion rubles ($46.43 bln) in the first year, according to reports. 

Volumes are also expected to hit 7.5 trillion rubles ($87.06 bln) by 2029, Sberbank Deputy Chairman of the Executive Board Anatoly Popov was quoted saying, as reported by Tass on Saturday. 

The forecast was deemed “conservative” according to the news report. Sberbank in July revealed plans to debut a Bitcoin and crypto wallet as well as digital asset custody by December. The Bank of Russia in July published draft regulations for crypto trading, and the State Duma is preparing the comprehensive regulation of digital assets. 

And in a Friday report, Tass quoted Sberbank Deputy Chairman Anatoly Popov saying that the bank was planning to accept Bitcoin — and other cryptocurrencies — as collateral for loans. 

Russia is fast moving ahead with regulating digital assets in the country. Russian President Vladimir Putin this month signed a law to set in stone the regulation of digital currencies and digital rights in the country. 

The new law reportedly allows only registered entities to operate as exchanges, and puts limits on the amount of crypto retail investors can use. 

Still, despite the rollout, using digital assets as a means of payment or legal tender within Russia is still banned. Using crypto as a form of payment has been prohibited in Russia since 2022. 

President Putin has appeared to praise Bitcoin in the past, once saying that the leading cryptocurrency can’t be stopped. 

Since the U.S. and European governments cut Russia off from the SWIFT payments system after it invaded Ukraine in 2022, Russian companies have been using Bitcoin to skirt around the penalties. 

But the Russian state keeps a tight grip on what its citizens can do with crypto: authorities have been cracking down and arresting people operating unregistered crypto exchanges. 

And the amounts involved barely matter — a nuclear engineer in Sarov was sentenced to 18 years for sending about $13 from his crypto wallet to groups the state designates as terrorist organizations.

This post Russia’s Sberbank Estimates $46.4B Trading Volume in First Year of Crypto Buildout first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Bank of Russia Approves Bitcoin Trading For Retail Investors 

Russia’s central bank has approved Bitcoin trading for the public on the country’s crypto exchanges, according to reports. 

Citing the Bank of Russia’s Telegram channel, news agency Tass reported that the central bank capped cryptocurrency purchases for retail investors at 300,000 rubles ($3,632) per year. 

The news comes as Russia moves fast in regulating the crypto space. President Vladimir Putin has spoken about the benefits of Bitcoin and spoken about how the country has advantages when it comes to crypto mining. But using crypto to pay for goods is still prohibited in Russia. 

“According to the law, the selection of cryptocurrencies factors in their market capitalization, average daily trading volume, and foreign exchange pricing history, which must span at least five years for each asset,” TASS reported the Telegram channel saying. 

It added that other top cryptocurrencies, including Tether’s USDT stablecoin, were allowed for retail investors too. 

Qualified investors will be able to trade a longer list of digital assets, it continued. Qualified investors have no limits on the amount they can trade, a news report earlier this month revealed. 

President Putin earlier this month reportedly signed a law to regulate digital currencies and digital rights in the country. 

Russian regulators, lawmakers and the central bank have been working to clarify the legal status for digital assets in recent years.  

The Russian state still has a tight grip over what its citizens can do with Bitcoin, though. Despite Putin appearing to praise Bitcoin in the past, the use of digital assets to pay for things has been banned for years. 

Russian lawmakers have made an exception for international payments — but most likely as a way to dodge Western sanctions.  

The U.S. and European governments cut Russia off from the SWIFT payments system after it invaded Ukraine in 2022 and Russian companies have been using Bitcoin to skirt around the penalties, according to the country’s finance minister. 

This post Bank of Russia Approves Bitcoin Trading For Retail Investors  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place

Russian President Vladimir Putin has reportedly signed a law to set in stone the regulation of digital currencies and digital rights in the country — but citizens won’t be using Bitcoin to pay for goods just yet. 

News agency Tass reported Tuesday that the new law will allow only registered entities to operate as exchanges, and puts limits on the amount of crypto retail investors can use. 

For now, retail investors are limited to trading most liquid cryptocurrencies, capped at 300,000 rubles ($3,700) per year. Qualified investors have no restrictions, according to the report. 

But the new law still prohibits digital currencies and digital rights as a means of payment or legal tender within Russia. Using crypto has been illegal in Russia as a form of payment since 2022. 

According to the report, Russians can use digital currencies to pay for settlements under foreign trade contracts between residents and non-residents or for those involved in crypto mining. 

Russian regulators, lawmakers and the central bank have been over the past few years trying to set in stone clear rules for digital assets. 

But Putin is pro-Bitcoin?

The news that digital currencies can’t be used as payments may come as a surprise to those who have heard President Putin talk about Bitcoin. 

Back in 2024, the Russian leader seemed to speak highly of Bitcoin, saying that new technologies were emerging that could help people move money. 

“For example, Bitcoin, who can ban it? Nobody,” he said. 

BREAKING: Russian President Putin says "Who can ban #Bitcoin? Nobody." pic.twitter.com/6mJ664BZZ8

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024

The president has also spoken about how the country has “competitive advantages” when it comes to Bitcoin mining due to the abundance of cheap energy in Russia. 

But Russian lawmakers want to retain a tight grip on citizens’ spending; the use of digital currency has been for years permitted for international payments — most likely as a way to dodge Western sanctions. 

This post Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.