Russia’s central bank supports the development of digital financial assets but remains opposed to legalizing crypto payments, its top management has reiterated. We are working on a series of proposed regulations.
Russia’s Central Bank Takes Legislative Initiative on Digital Assets Regulation
The Central Bank of the Russian Federation (CBR) will submit a legislative package on the regulation of Digital Financial Assets (DFA) to the lower house of parliament, the Duma. Under current Russian law, the term DFA refers to coins and tokens that have an issuer, not cryptocurrencies like Bitcoin.
Speaking at Finopolis, a forum dedicated to financial innovation, Deputy Chairman of the Bank Olga Skorobogatova explained that the proposal pursues three main objectives.
CBR officials emphasized their strong interest in DFA development in Russia. “We believe this is a very good new tool for financial market participants.”
Skorobogatova revealed that financial authorities are currently reviewing nine applications by companies seeking to obtain licenses to issue and distribute digital financial assets. Her three “information system operators” – Sberbank, Atomyze and Lighthouse – have already been empowered, she noted.
Bank of Russia maintains opposition to legalization of payments in cryptocurrencies
Meanwhile, CBR Governor Elvira Nabiullina, speaking to the House of Commons, said the Bank of Russia supports the development of digital financial assets but opposes the use of private cryptocurrencies in payments. Quoting TASS, she also argued that digital financial assets are not limited to cryptocurrencies, emphasizing:
Our position remains that private cryptocurrencies should not be used for payments due to the lack of clarity about who is responsible and how, as well as the risks associated with high volatility and opacity.
The debate over the current state of cryptocurrencies in Russia and regulation of the cryptocurrency market has been going on for over a year. The CBR has traditionally maintained a hard-line stance, blanket ban For related activities such as mining and trading in January.
But sanctions over the war in Ukraine, including restrictions affecting international payments, have softened that position. agreed The Ministry of Finance said that in the current situation, it would be impossible for Russia to do without cross-border payments in cryptocurrencies.
Do you think Bank of Russia can change its attitude towards domestic cryptocurrency payments? Share your thoughts on the matter in the comments section below.
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