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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. In cooperation with other regulators, they should also present a common position on the legislation needed to regulate it.
Russian Prime Minister Mikhail Mishustin has asked the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the market for digital financial assets (DFA) in Russia by the first day of December.
The head of the Russian government gave the order after a meeting devoted to the country’s financial system, RBC Crypto reported. The top official stressed that under the current circumstances, DFAs can facilitate uninterrupted payment for imports of goods and Russian exports.
The Ministry of Finance and the central bank have been tasked with updating Russia’s “Strategy for the development of the financial market until 2030”. The document should be revised taking into account the instructions of President Putin and, in Mishustin’s words, the prevailing geopolitical situation.
In January this year, Vladimir Putin called on Russian government institutions to reach a consensus on crypto regulations and highlighted Russia’s potential as a minting destination. In August, Mikhail Mishustin described digital assets as a “safe alternative” for cross-border payments.
The Treasury Department and the Monetary Authority are also required to work with the Russian financial watchdog, Rosfinmonitoring, the Federal Tax Service and the Federal Security Service to prepare a joint position by December 19 on the draft law designed to regulate the issuance. and circulation of digital currency in Russia.
The federal legislation, which is part of the new “On Digital Currency” bill proposed by the ministry in February, should also introduce rules for cryptocurrency mining, a growing industry in energy-rich Russia, and legalize the use of digital assets in international settlements. Proposals for using the digital ruble for budgetary purposes are also expected.
Both the Russian Central Bank’s digital currency and decentralized cryptocurrencies are now seen in Moscow as tools that can reduce the negative effects of sanctions on the Russian economy and foreign trade. Earlier this week, Director of the Finance Ministry’s Financial Stability Department, Ivan Chebeskov, indicated that he expects to see international crypto transactions as early as 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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