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The central bank and the Ministry of Finance in Moscow have been asked by Russia’s head of government to agree on a vision for the development of the country’s digital asset market by December 1. Together with other regulators, they should also present a common position on the legislation needed to regulate it.

Pressured by Sanctions, Russian Government Set to Regulate Cryptocurrencies

Russian Prime Minister Mikhail Mishustin asked the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first december.

Russia’s prime minister issued the order after a meeting devoted to the country’s financial system, RBC Crypto reported. The senior official pointed out that in the current circumstances, DFAs can facilitate uninterrupted payments for Russian goods imports and exports.

The Ministry of Finance and the central bank have been tasked with updating Russia’s “Strategy for the development of the financial market until 2030”. The document should be revised taking into account President Putin’s instructions and, in Mishustin’s words, the current geopolitical situation.

In January of this year, Vladimir Putin urged Russian government institutions reached consensus on crypto regulation and highlighted Russia’s potential as a coin minting destination. In August, Mikhail Mishustin describe digital assets as a “safe alternative” for cross-border payments.

The Treasury Department and the Monetary Authority are also required to work with Russia’s financial watchdog, Rosfinmonitoring, the Federal Tax Service and the Federal Security Service to develop a unified position, by December 19, on the bills to regulate the issue. and the circulation of digital currency in Russia.

The federal legislation, part of which is the new “On Digital Currency” bill proposed by the ministry in February, is also expected to introduce rules for cryptocurrency mining, a booming industry in energy-rich Russia. , and legalize the employment of digital assets in international settlements. . Proposals are also expected on the use of the digital ruble for budgetary purposes.

The Russian central bank’s digital currency and decentralized cryptocurrencies are now seen in Moscow as tools that can reduce the negative effects of sanctions on the Russian economy and trade. Earlier this week, the Director of the Department of Financial Stability at the Ministry of Finance, Ivan Chebeskov, indicated that he expects to see international crypto transactions as early as next year.

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Do you think Russia will regulate its crypto space and legalize cross-border payments with digital currencies by the end of 2022? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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