Bitcoin Magazine

Bank of Russia Creates New Rules For Crypto Trading

Russia’s central bank on Monday published draft regulations for the trading of digital currencies. 

The Bank of Russia released the changes to its “organized trading” rules, including the term “digital currency” throughout. 

The new rules are for organizations like crypto exchanges, which now have to report digital assets into their existing systems for pricing, monitoring and reporting — using the same processes they already run for regular currencies and securities.

Russia’s central bank is implementing the new rules as the State Duma prepares comprehensive regulation of crypto. 

Pro-Bitcoin Russia?

While the new rules don’t specifically mention Bitcoin, Russia has a complex relationship with the leading cryptocurrency. 

Using crypto has been illegal in Russia as a form of payment since 2022 but lawmakers in the country have been open about using them for international settlements.

President Vladimir Putin 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. 

And back in 2023, the Russian legislature passed a bill legalizing the use of digital currency as a way to make international payments. 

The bill likely has helped the country skirt international sanctions: The U.S. and European governments sanctioned Russia when it annexed Crimea in 2014, and Western nations have stepped up penalties since it invaded Ukraine in 2022.

President Putin even hinted that the country had been using Bitcoin specifically: While speaking at a forum in Moscow in December 2024, he said that new technologies were emerging that could help people move money. 

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

This post Bank of Russia Creates New Rules For Crypto Trading first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Source: BitcoinMagazine