Bitcoin News and Finance
Bank of Russia Tests Services Related to Cryptocurrencies Skip to main content

Bank of Russia Tests Services Related to Cryptocurrencies

Bank of Russia Tests Services Related to Cryptocurrencies

Russia’s central bank has examined three platforms offering crypto-related services. The projects have been tested in its regulatory sandbox in the course of 2020. Bank of Russia has received dozens of requests to pilot various financial services since it created the closed regulatory environment around three years ago.

CBR Pilots 3 Crypto Projects in 2020

The Central Bank of the Russian Federation (CBR), also known as Bank of Russia, launched the sandbox back in 2018, when developments in financial technology and decentralized digital assets presented regulators with a new set of challenges. Since the start of the initiative, over 70 entities, including financial institutions and fintech companies, have asked the regulator to test their new products, services, technologies, and business models.

Bank of Russia Tests Services Related to Cryptocurrencies

CBR’s 2020 annual report published recently reveals that the bank admitted three crypto platforms to the sandbox last year. Centrobank reviewed the operation of a cryptocurrency mining pool, a crypto payment system and a digital assets investment platform, RBC reported. No details have been provided regarding the current results from the testing but in case of a positive outcome, the Bank of Russia is expected to present a road map for their integration within the legal framework governing Russia’s financial sector.

Bank of Russia Provides ‘Safe Space’ for Crypto Projects

In July, the Russian parliament adopted a federal law providing for the establishment of special legal regimes for the testing of digital innovations, including in the financial industry. The central bank uses its regulatory “safe space” to examine the potential effects of such projects in an isolated environment and identify risks associated with innovative financial services and technologies. The CBR can also define the steps that need to be taken in order to create conditions for their implementation in the market.

Bank of Russia Tests Services Related to Cryptocurrencies

Bank of Russia has in the past opposed the legalization of cryptocurrencies in the country but offered to permit crypto mining, as long as miners sell their coins outside Russian borders. With the Law on Digital Financial Assets coming into force in January, digital coins are now recognized and regulated as property.

However, Russians cannot use cryptocurrencies for payments, government officials are not allowed to own crypto, and investments are capped for ordinary citizens. Earlier this year, an annual limit of 600,000 rubles (around $8,000) was introduced for crypto investments by “non-qualified” participants in the market.

The central bank is currently working on a digital ruble project and is expected to present the first prototype of the CBDC platform by the end of this year. If everything goes according to its initial plan, the testing phase should begin in 2022. Last summer, CBR presented an updated concept of the digital ruble, following consultations with Russian financial institutions aimed at creating a digital currency that’s more convenient for the banking sector.

What’s your opinion on the testing of crypto-related products and services in regulatory sandboxes? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory