The Russian Central Bank is aiming to integrate crypto assets into the local financial system.
The CBR published a paper on digital assets, with a focus on their integration into financial systems. The main areas of concern were correct taxation & regulation of digital asset issuance, which are familiar themes in crypto regulatory talks around the world.
There is no mention of any money laundering rules, which are a major focus of crypto policy around the world. There is also little discussion of the sanctions that are currently creating havoc on the Russian economy, despite the fact that CBR Governor Elvira Nabiullina has been largely effective in shoring-up the Russian economy from their impact.
The role of cryptocurrency in Russia, and especially the central bank’s increasing openness to crypto technology, comes as the country attempts to monetize its natural resources and move away from the US dollar, which is a powerful tool for sanctions and remains the currency of note in global oil and natural gas markets. Prior to invading Ukraine, President Vladimir Putin spoke-out for cryptocurrency and its potential for the Russian economy.
The CBR expressed interest in “expanding the domestic market to overseas issuers from friendly countries” in a Telegram post on today’s study.
In modern Russian law, “friendly countries” has become a euphemism for the diminishing list of nations that are not aggressively excluding Russian firms from their markets.
The CBR is also working on a separate research concentrating on the digital ruble, a central bank digital currency that the CBR has stated it will pilot in 2023.
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