The Russian Ministry of Finance has been instructed by the Russian Prime Minister, Mikhail Mishustin, to prepare, in collaboration with the Bank of Russia, and submit specific proposals for the future of the digital financial asset (DFA) market in the Russian Federation by December 1.
According to RBC Crypto, the directive was issued by the Russian government’s top official following a meeting on the country’s financial system.
“Under the current circumstances”, the principal official emphasized, “DFAs can enable continuous payments for goods imports and Russian exports. ”
The finance ministry 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 updated in accordance with President Putin’s directives and the current geopolitical situation.
In January, Vladimir Putin urged Russian government institutions to agree on cryptocurrency regulations this year, emphasizing Russia’s potential as a coin-minting country. In August, Mikhail Mishustin referred to digital assets as a “safe alternative” for international payments.
By December 19, the Treasury Department and the Monetary Authority must collaborate with Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service to develop a unified position on the draft laws intended to control the issuance and circulation of digital currency in Russia.
The federal legislation should also establish regulations for cryptocurrency mining, which is a growing industry in Russia’s energy-rich regions, as well as legalize the use of digital assets in international settlements.
The new bill “On Digital Currency,” proposed by the ministry in February, is part of this legislation. Additionally, proposals regarding the budget’s use of the virtual ruble are anticipated.
Decentralized cryptocurrencies and the Russian central bank’s digital currency are now seen in Moscow as instruments that can mitigate the negative effects of sanctions on the Russian economy and foreign trade.
Ivan Chebeskov, Director of the Finance Ministry’s Financial Stability Department, stated earlier this week that he expects to see international cryptocurrency transactions as early as next year.
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