Central Bank of Russia supports development of digital finance Although it holds assets, it still opposes legalizing cryptocurrency payments, the company’s management reiterated. Financial authorities are currently working on a series of regulatory proposals that will be submitted to Congress before the end of the year.
Central Bank of Russia Takes Legislative Initiative on Digital Asset Regulation
The Central Bank of the Russian Federation (CBR) will submit a legislative package on the regulation of Digital Financial Assets (DFA) The House of Representatives, which is the lower house of Congress. Under current Russian law, the term DFA refers to coins and tokens that have an issuer, not cryptocurrencies like Bitcoin.
Speaking at her Finopolis, a forum dedicated to financial innovation, Olga Skorobogatova, vice chairman of the bank, explained that the proposal pursues her three main objectives: . Improving taxation and eliminating tax arbitrage, developing exchange platforms, and regulating smart her contracts.
The CBR executive emphasized her strong interest in developing DFA in Russia. “I believe this is a very good new tool for financial market participants.”
It has revealed that it is reviewing nine of her applications by prospective companies. Her three “information system operators” – Sberbank, Atomyze and Lighthouse – have already been empowered, she noted.
Bank of Russia Remains Opposed to Legalizing Cryptocurrency Payments
Meanwhile, CBR Governor Elvira Nabiullina Addresses the House of Commons The Bank of Russia supports the development of digital financial assets, but opposes the use of private cryptocurrencies for payments. Quoting TASS, she also argued that digital financial assets are not limited to cryptocurrencies, emphasizing: Do not use it for payments as it is responsible, opaque and carries high volatility risk.
The debate over the Russian cryptocurrency situation and regulation of the crypto market has been going on for over a year. The CBR has traditionally maintained a tough stance, proposing a blanket ban on related activities such as mining and trading in January.
But sanctions over the war in Ukraine, including restrictions affecting international payments, softened that position. Agreed with the Treasury Department that it is impossible to do without cross-border payments.
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