🇷🇺 RUSSIA RECOGNIZES THE POPULARITY OF CRYPTO WHEN 20 MILLION PEOPLE ARE USING IT, PLANNING TO ALLOW BANKS TO PARTICIPATE BUT UNDER VERY STRICT REGULATIONS
🔸 Deputy Finance Minister Ivan Chebeskov said that crypto has now become a real part of economic life, the government cannot continue to fight but needs to build domestic crypto infrastructure to protect users and take advantage of economic and technological benefits.
🔸 According to the Central Bank of Russia, by March 2025, Russians were holding about 827 billion rubles (equivalent to 10.1 billion USD) in crypto, up 27% from last year. Of which 62% was Bitcoin (BTC), 22% Ethereum (ETH) and 16% stablecoins (USDT, USDC).
🔸 First Deputy Governor Vladimir Chistyukhin said that Russia will allow banks to enter the crypto sector for the first time, but there will be very strict regulations on Capital and reserves to avoid too much risk.
Only professional investors – people with assets over 100 million rubles or annual income over 50 million rubles – are eligible to trade crypto.
🔸 The Central Bank also recommends that financial institutions limit their crypto exposure to a maximum of 1% of Capital pending the issuance of new regulations on risk management.
🔸 This is XEM a major turning point in Russia's financial policy, as the Central Bank has always opposed crypto in all forms, but is now forced to recognize it because of its rapid popularity in society.
