Reading time: ~ 2 m
The Central Bank of Russia (CBR) is preparing a report in which it will detail its point of view on the legalization of cryptocurrencies. The regulator intends to seek the adoption of rules governing the circulation of digital assets by amending legislation, said Deputy Chairman of the Central Bank of the Russian Federation Vladimir Chistyukhin.
“I think that we will resolve this issue by amending the legislation. There will be a more precise definition of how cryptocurrencies can be traded,” Chistyukhin said, speaking to reporters in the State Duma.
Chistyukhin noted, answering the question of whether the Central Bank of the Russian Federation is in favor of banning transfers to crypto-exchanges from the accounts of Russians, that Russian citizens and enterprises have the right to purchase and store cryptocurrency, but not through the country’s financial infrastructure and intermediaries.
The working group on cryptocurrency regulation will hold its first meeting in the State Duma this month, and will begin by considering the report of the Central Bank of the Russian Federation. This was announced by the head of the parliamentary committee on the financial market, Anatoly Aksakov.
Commenting on the content of the upcoming report, Chistyukhin said:
“I’ll give you a hint – we see no place for cryptocurrencies in the Russian financial market.”
Earlier in the media, citing the Reuters news agency, it was reported that the Central Bank is considering the possibility of introducing a ban on the purchase of cryptocurrencies in Russia.
The Central Bank of Russia is ready to release a prototype of the digital ruble
The Central Bank of the Russian Federation is working on the creation of a Russian central bank digital currency (CBDC). The first deputy chairman of the Central Bank of the Russian Federation, Olga Skorobogatova, told reporters this week that the prototype of the digital ruble platform is already ready. She said the agency plans to start testing after the January holidays.
12 Russian banks will take part in the first of several test phases, which will take place during 2022. Earlier in December, the Bank of Russia explained that at the first stage it would invite credit institutions and conduct transactions between consumers. The Federal Treasury, as well as financial intermediaries will join in the second stage, when transactions between individuals and legal entities will be tested.
The Central Bank of the Russian Federation began to think about a digital version of the Russian ruble three years ago. In October 2020, a consultation document was published and the regulator collected feedback from representatives of the financial sector. In April 2021, the bank released the concept of the digital ruble describing its main architecture.
The bank also plans to allow non-residents of the country to open digital ruble wallets, use digital currency and convert it into foreign fiat currency.
#Bank #Russia #sees #place #cryptocurrencies #financial #market
