The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by December 1. Working with other regulators, they should also present a common situation. Laws required to regulate it.
Under pressure from sanctions, Russian government moves to regulate cryptocurrencies
Russian Prime Minister Mikhail Mishustin has asked the Ministry of Finance, together with the Bank of Russia, to submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December.
The head of the Russian government issued the order after a meeting dedicated to the country’s financial system, RBC Crypto reported. The top official stressed that under the current circumstances, the DFA can facilitate seamless payments for imports of goods and Russian exports.
The Ministry of Finance and the Central Bank are tasked with updating Russia’s “Strategy for the development of the financial market by 2030”. The document should be revised taking into account the current geopolitical situation, according to the instructions of President Putin and in the words of Mishustin.
In January this year, Vladimir Putin urged Russian government institutions to reach a consensus on crypto regulations and highlighted Russia’s potential as a coin mining destination. In August, Mikhail Mishustin described digital assets as a “secure alternative” to cross-border payments.
The Treasury Department and the Monetary Authority are required to work closely with the Russian financial watchdog, Rosfinmonitoring, the Federal Tax Service and the Federal Security Service, to establish a unified position by December 19 on draft laws designed to regulate issuance. can be expanded. And the circulation of digital currency in Russia.
The federal law, part of which is a new bill “on digital currency” proposed by the ministry in February, should also introduce rules for cryptocurrency mining, an expanding industry in energy-rich Russia, and limit the employment of digital assets in international settlements. makes it valid. , Proposals are also expected on the use of the digital ruble for budget purposes.
Both the Russian central bank digital currency and decentralized cryptocurrencies are now seen in Moscow as tools that can mitigate the negative effects of sanctions on the Russian economy and foreign trade. Earlier this week, Ivan Chebeskov, director of the Department of Financial Stability of the Ministry of Finance, indicated that he expected to see international crypto transactions early next year.
Do you think Russia will regulate its crypto space and legalize cross-border payments with digital currencies by the end of 2022? Tell us in the comments section below.
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