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 Dec 1. They should work together with regulators to agree on the regulations.
Russian Government Takes Action to Regulate Cryptocurrencies Despite Being Pressed By Sanctions
Russian Prime Minister Mikhail Mishustin told the Ministry of Finance, to work with Bank of Russia on concrete plans for the future of Russia’s digital financial asset market (DFA), by December 1.
The head of the Russian government issued the order after a meeting devoted to the nation’s financial system, RBC Crypto reported. According to the top official, DFAs are able to facilitate payments in an uninterrupted manner for Russian goods imports.
The finance ministry and the central bank have been tasked to update 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 the words of Mishustin, the prevailing geopolitical situation.
In January of this year, Vladimir Putin urged Russian government institutions to reach consensus on crypto regulations and highlighted Russia’s potential as a coin minting destination. In August, Mikhail Mishustin described digital assets as a “safe alternative” for cross-border payments.
Additionally, Rosfinmonitoring is a Russian financial watchdog. The Federal Tax Service, Federal Security Service and Federal Security Service are all required to coordinate their efforts to create a common position on Dec. 19 regarding the draft laws that will regulate Russian digital currency issuance.
The federal legislation, part of which is the 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 legalize the employment of digital assets in international settlements. The use of the digital ruble to budget purposes is also likely to be proposed.
Moscow now views the Russian central banks digital currency as a tool to reduce negative economic effects on Russia’s economy and trade. Earlier this week, Director of the finance ministry’s Financial Stability Department Ivan Chebeskov indicated he expects to see international crypto transactions as early as next year.
Is Russia likely to regulate crypto space, and make cross-border payments using digital currencies legal by the year 2022? Comment below.
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