TechFlow news, October 10 — According to Cryptopolitan, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, announced at the Finopolis forum that the central bank will allow banks to conduct cryptocurrency-related business, but under strict capital restrictions and reserve requirements.
Chistyukhin stated that although the central bank maintains a cautious stance toward decentralized digital currencies such as Bitcoin, after discussions with the banking industry, it has been determined that banks should not be entirely excluded from the cryptocurrency market. The central bank plans to impose "rather strict requirements" to prevent cryptocurrency activities from becoming dominant operations for banks, including limiting banks' cryptocurrency exposure to within 1% of their capital.
In addition, the Central Bank of Russia aims to pass comprehensive legislation regulating cryptocurrency investments by 2026 and implement a licensing mechanism. Central Bank Governor Elvira Nabiullina said the cryptocurrency bill is expected to be submitted to the State Duma "soon."
