Russia's Central Bank bans Bitcoin transfers to self-custody wallets

Bitcoin: Bitcoin is the original and largest cryptocurrency, designed as a decentralized digital asset for peer-to-peer transfers and self-custody storage. The news specifically addresses restrictions on moving Bitcoin holdings from Russian regulated accounts to personal non-custodial wallets. This measure aligns with ongoing regulatory developments requiring most crypto activities to route through licensed intermediaries. Russia's Central Bank: The Bank of Russia serves as the country's central banking authority, overseeing monetary policy, banking supervision, and financial market regulation. It has issued official guidance confirming that transfers of digital currency from regulated accounts to non-custodial wallets are not permitted under existing law. This clarification forms part of broader efforts to implement a regulated cryptocurrency framework that took effect in September 2026. Regulation: Russia continues to prohibit the use of cryptocurrencies for payments inside the country while channeling other activities through state-supervised intermediaries. Policy Timeline: Direct peer-to-peer cryptocurrency transactions between individuals are scheduled to end after July 1, 2027, requiring all such trades to use authorized platforms thereafter. Market Development: Major banks including Sberbank have received central bank approval to offer cryptocurrency trading and custody services under the new regulatory regime.