PANews reported on October 10th that according to Cryptopolitan, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia (CBR), revealed at the Finopolis forum that the Russian Central Bank has decided to allow banks to engage in cryptocurrency business, but will introduce strict capital limits and reserve requirements. Chistyukhin admitted: "We are taking a conservative approach. We are considering, for example, whether including cryptocurrencies on the balance sheet truly falls within the scope of banking business." However, he also admitted: "After discussions with the professional banking community, we believe that it may make sense to not rule out banks' participation in such business." Chistyukhin also noted that the Bank of Russia hopes to adopt a law comprehensively regulating cryptocurrency investments next year. This will enable authorities to implement a licensing mechanism, and he believes the first licensed service providers could enter the market by the end of the year. Chistyukhin's call for the swift approval of appropriate cryptocurrency legislation was supported by his superior, Bank of Russia Governor Elvira Nabiullina.PANews reported on October 10th that according to Cryptopolitan, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia (CBR), revealed at the Finopolis forum that the Russian Central Bank has decided to allow banks to engage in cryptocurrency business, but will introduce strict capital limits and reserve requirements. Chistyukhin admitted: "We are taking a conservative approach. We are considering, for example, whether including cryptocurrencies on the balance sheet truly falls within the scope of banking business." However, he also admitted: "After discussions with the professional banking community, we believe that it may make sense to not rule out banks' participation in such business." Chistyukhin also noted that the Bank of Russia hopes to adopt a law comprehensively regulating cryptocurrency investments next year. This will enable authorities to implement a licensing mechanism, and he believes the first licensed service providers could enter the market by the end of the year. Chistyukhin's call for the swift approval of appropriate cryptocurrency legislation was supported by his superior, Bank of Russia Governor Elvira Nabiullina.