The Central Bank of Russia has officially allowed financial institutions to offer cryptocurrency-based financial instruments to accredited investors. Russian banks can offer qualified investors cryptocurrency products such as derivatives, securities, and digital financial assets related to cryptocurrency prices. However, these products are not related to the 'actual delivery' of cryptocurrency. This announcement comes alongside the Central Bank of Russia's report that the flow of cryptocurrency capital from Russian citizens increased by 51% in the first quarter of 2025, reaching 7.3 trillion rubles (81.5 billion USD).
Some major banks in Russia have quickly rolled out cryptocurrency investment products. T-Bank, a major commercial bank, has announced a digital financial product based on Bitcoin, issued through Atomyze, and exclusively for certified investors. 'This tool allows you to invest in cryptocurrency using rubles through a familiar app without the need to open an account on a cryptocurrency exchange,' T-Bank's announcement stated.
Although it has allowed local banks to offer cryptocurrency products, the Central Bank of Russia still advises against direct investment in cryptocurrency. They continue to maintain a restrictive attitude towards direct cryptocurrency investment, while mentioning that the government is discussing the possibility of opening a pilot regime to allow direct trading of cryptocurrency assets like Bitcoin.
In the latest financial stability report, the Central Bank of Russia estimates that Russians hold cryptocurrency worth 827 billion rubles (9.2 billion USD) on centralized exchanges (CEX). Bitcoin accounts for 62% of this total, Ethereum accounts for 22%, and Stablecoins like USDT and USDC account for 15.9%. Some local cryptocurrency experts believe that the actual amount of cryptocurrency held by Russians is much larger than this estimate.
Source: https://tintucbitcoin.com/russia-allows-banks-to-offer-cryptocurrency-products/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
