Russian PM orders Finance Ministry and Central Bank to agree on crypto
The
Prime Minister of Russia has asked the Central Bank and the Finance Ministry in
Moscow to agree on a broad perspective for the development of the digital
assets market by December 1. They will work with other regulators to reach a
larger consensus and present a common position on the legislation required for
regulation.
Russian Government moves to regulate cryptocurrencies
The
Prime Minister of Russia, Mikhail Mishustin, has asked the Ministry of Finance
and the Bank of Russia to prepare together and submit concrete proposals for
the future road map of the Digital Financial Asset (DFA) market in the Russian
Federation by the first day of December.
The Head of the Russian Government issued the order after a meeting focused on the
development of the financial system, RBC Crypto reported. The top official said
that in the current circumstances, DFAs can facilitate uninterrupted payments
for imports of goods and Russian exports.
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.
Vladimir Putin urged Russian government institutions to reach a consensus on crypto regulations and highlighted Russia’s potential as a coin minting destination in January. Mikhail Mishustin described digital assets as a "safe alternative" for cross-border payments in August.
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 present a unified position, by Dec. 19, on the
draft laws designed to regulate the issuance and circulation of digital
currency in Russia.
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 use of digital assets in international settlements.
Proposals are also expected on the use of the digital ruble for budget
purposes.
Both
the Russian Central Bank’s Digital Currency and decentralized cryptocurrencies
are now viewed in Moscow as tools that can reduce the negative effects of
sanctions on the Russian economy and foreign trade. Ivan Chebeskov, Director of the Financial
Stability Department, stated earlier this week that he expects to see
international crypto transactions as early as next year.
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