Cryptocurrencies Pose No Risk to Stability, Russian Analytics Say

According to the Russian Analytical Credit Rating Agency (ACRA), the high volatility of cryptocurrencies can potentially create risks for the country’s financial stability, but these are balanced by the high concentration of ownership of the digital assets.

Russian Crypto Criminal Admits Money Laundering and Fraud

According to Russian media, the alleged BTC-e mastermind Alexander Vinnik has confessed to charges of fraud and money laundering on May 24, 2018. Reports reveal a signed document details that Vinnik admits to committing financial fraud between 2011-2017 through the now-defunct BTC-e cryptocurrency exchange.

Russian Digital Law Bill Will Not Legalize Cryptocurrencies

A draft bill aimed at protecting the rights of cryptocurrency owners while also regulating them in line with Russian laws was introduced to parliament in March with the biggest expectation being the legalization of cryptocurrency payments. However, as local media outlets report, the expectation of making digital currencies legal may.

Russian Government to Control Bitcoin to Fiat Exchange Operations

The Russian government has prepared a memo on the law “On digital financial assets” that states the “exchange of cryptocurrencies for fiat money to the amount of 600,000 rubles (around $10,000) and more has to be subject to mandatory currency control,” Russian publication Izvestiya reports.