Bank of Russia is the central bank of the Russian Federation, established in 1990. It is responsible for implementing banking and financial policies in order to maintain macroeconomic stability within the country. The Bank also has a range of other functions such as issuing currency, managing foreign exchange reserves and gold reserves, providing support to commercial banks and maintaining payment systems.
The Bank’s main objectives are:
1) Maintaining price stability;
2) Supporting economic growth through monetary policy;
3) Ensuring smooth functioning of payment systems;
4) Promoting financial sector development;
5) Establishing effective prudential regulation.
The Bank operates on several fronts when it comes to cryptocurrency-related activities including: monitoring market developments related to digital tokens, maintaining close cooperation with international authorities regarding anti-money laundering/counter terrorist financing (AML/CTF), developing regulations for Initial Coin Offerings (ICOs), encouraging blockchain technology research & development initiatives, providing analysis on potential risks associated with cryptocurrencies and advising government bodies on their stance towards digital assets like Bitcoin or Ethereum etc.. In addition, its Payment System Department regularly examines existing virtual currencies infrastructure providers operating domestically by ensuring compliance with current laws governing payments system operations.
