Bank of Russia to Permit Limited Bitcoin and Crypto Operations for Domestic Banks
John: Hey everyone, I’m John, a veteran writer for Blockchain Bulletin, where I break down the latest in Web3, virtual currencies, and blockchain in simple terms. Today, we’re diving into some big news from Russia about banks getting the green light for limited crypto ops—think Bitcoin and beyond—under watchful eyes. For readers who want a full step-by-step guide, you can also check this exchange guide.
Lila: Hi, I’m Lila, John’s curious assistant always eager to learn more about crypto. John, what’s the deal with Russia allowing banks into Bitcoin—does this mean everyday folks can start trading crypto at their local bank?
Understanding the Basics
John: Great question, Lila. At its core, this move by the Bank of Russia means domestic banks can now handle limited Bitcoin and cryptocurrency operations, but only under strict rules. As of 2025-10-10, reports from reliable sources like Bitcoin Magazine confirm that banks will operate with tight oversight to ensure everything stays controlled.
Lila: Oversight? That sounds like a fancy word—does it just mean someone’s watching them closely?
John: Exactly, Lila—think of it like a teacher supervising a classroom experiment to make sure no one blows up the lab (and hey, in crypto, “blowing up” could mean market volatility, not actual explosions). This isn’t a free-for-all; it’s a cautious step forward.
Background on Russia’s Crypto Stance
John: In the past, Russia has had a pretty conservative view on crypto. For instance, back in 2022, there were bans on using crypto for payments, and the focus was more on the digital ruble, their central bank digital currency launched in pilot form on 2023-08-15.
Lila: Digital ruble? Is that like Bitcoin but controlled by the government?
John: Spot on—it’s a government-backed digital version of the ruble, unlike decentralized Bitcoin. Earlier this year, on 2025-03-12, the Bank of Russia proposed a limited crypto investment pilot for high-net-worth folks, according to CoinDesk, setting the stage for broader changes. (And if crypto were a movie, Russia’s plot has more twists than a spy thriller.)
What’s Changing Now
John: As of now, on 2025-10-10, the Bank of Russia is permitting banks to engage in limited crypto activities, with strict capital reserve requirements still in place. Sources like Crypto Briefing report this reflects growing domestic interest, with about 20 million Russians already using crypto for various purposes, as noted by TASS on 2025-10-09.
Lila: 20 million? That’s huge! What kind of activities are we talking about for the banks?
John: Banks can now handle things like crypto custody or limited transactions, but under stringent limits to mitigate risks. Data from the Bank of Russia shows estimated balances on Russian crypto exchange wallets hit 827 billion rubles—about $10.15 billion—as of the end of March 2025. It’s a nod to crypto’s popularity without going all-in.
Potential Use Cases for Banks
John: Looking at practical examples, this could mean banks offering services like secure storage for Bitcoin or facilitating cross-border transfers using crypto, all within regulatory bounds. For intermediate readers, think of it as banks dipping toes into Web3 without diving headfirst.
Lila: Cross-border transfers—does that help with things like sending money abroad faster?
John: Yes, Lila—crypto can speed up international payments compared to traditional wires. Here’s a quick list of potential use cases based on verified reports:
- Providing custody services for high-net-worth clients’ crypto assets.
- Enabling limited trading or conversion of crypto to rubles under oversight.
- Supporting blockchain-based settlements for businesses, as hinted in CoinDesk updates.
- Integrating with the digital ruble for hybrid operations.
John: (Just imagine your bank app with a “Crypto Corner”—but don’t get too excited yet; it’s limited!)
Risks and Safeguards
John: Of course, with crypto comes risks like volatility and potential for misuse, which is why the Bank of Russia is imposing strict limits. Reports from Bitcoin Ethereum News on 2025-10-10 emphasize that capital and reserve requirements will remain high to protect the financial system.
Lila: Volatility? That’s when prices go up and down like a rollercoaster, right? How do they safeguard against that?
John: Right you are—it’s like a financial thrill ride. Safeguards include regulatory oversight, limits on exposure, and possibly requiring banks to hold extra reserves. This cautious approach aims to balance innovation with stability, without speculating on outcomes.
Looking Ahead
John: Moving forward, we might see more integration as Russia acknowledges crypto’s role, especially with 20 million users already involved. The Finance Ministry, via TASS, suggests swift adoption of related bills, potentially expanding bank roles by late 2025 or into 2026.
Lila: So, is this a sign that crypto is becoming mainstream in Russia?
John: It could be, Lila, but it’s step-by-step. Keep an eye on official updates from the Bank of Russia for any expansions. (Fingers crossed it doesn’t turn into a bureaucratic maze—who needs more red tape?)
John: Wrapping this up, it’s exciting to see Russia opening doors to crypto for banks in a controlled way—shows how blockchain is evolving globally. Remember, this is based on the latest verified news, so stay informed as things develop. And if you’d like even more exchange tips, have a look at this global guide.
Lila: Thanks, John—that makes sense for beginners like me. The key takeaway? Crypto’s getting a cautious welcome in Russia, paving the way for safer banking innovations.
This article was created using the original article below and verified real-time sources:
- Bank of Russia to Permit Limited Bitcoin and Crypto Operations for Domestic Banks
- Russia Permits Banks to Engage in Bitcoin and Crypto Operations at a Limited Scale
- Russia to Let Banks Handle Crypto Under Strict Rules; 20M Russians Already Use It
- Russia’s central bank to permit banks to engage in crypto operations under strict limits