The Central Bank in Moscow and the Ministry of Finance were asked by the head of the Russian government on December 1 to agree on a vision for the development of the country’s digital asset market. Legislation needed to regulate it.
Faced with sanctions, the Russian government has moved to regulate cryptocurrencies
Russian Prime Minister Mikhail Mishustin has organized the Ministry of Finance with the Bank of Russia to present concrete proposals for the future of the Digital Financial Asset (DFA) market in the Russian Federation on the first day of December.
The head of the Russian government gave the order after a meeting of the country’s financial system, RBC Crypto reported. The senior official emphasized that in the current situation, DFAs can facilitate uninterrupted payments for goods and products exported to Russia.
The Ministry of Finance and the Central Bank were tasked with revising Russia’s “financial market development strategy until 2030.” The document should be revised taking into account the geopolitical situation in the instructions of President Putin and the statement of Mishtin.
In January of this year, Vladimir Putin urged Russian government institutions to reach a consensus on crypto regulations and highlighted the destination of Russian coin minting. In August, Mikhail Mishustin described digital assets as a “secure option” for cross-border payments.
The Department of the Treasury and the Monetary Authority are expected to work on draft laws to control the issue on December 19, to clarify a unified position with the Russian financial regulator, Rosfinmonitoring, the Federal Tax Service and the Federal Security Service. And the spread of digital currency in Russia.
The new bill presented by the ministry in February, part of the federal law on “digital currency”, should also introduce regulations for cryptocurrency mining, an expanding industry in energy-rich Russia, and legalize the use of digital assets in international settlements. . Proposals for the use of the digital ruble for budgetary purposes are also expected.
Both the Russian Central Bank’s digital currency and decentralized cryptocurrency are currently seen in Moscow as tools to mitigate the negative impact of sanctions on Russia’s economy and foreign trade. Earlier this week, Ivan Chebeskov, Director of the Financial Stability Department of the Ministry of Finance, indicated that he expects to see international crypto transactions as early as next year.
Do you think Russia will control its crypto space and legalize cross-border payments in digital currencies by the end of 2022? Tell us in the comments section below.
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