Bank Of Russia Issues Draft Of Banking Chart Of Accounts Including Digital Assets
The Central Bank of Russia has included digital assets, including a digital version of the Russian currency, in a draft of the new banking chart of accounts that was just released. Financial institutions will be able to share data on operations involving these assets in the future.
The draft of the amended banking chart of accounts for next year has been issued by the Central Bank of the Russian Federation (CBR). Russian lenders will be expected to account for new sorts of transactions, such as digital ruble movements and activities involving digital financial assets (DFAs), beginning in 2023.
This year, the monetary authority has expanded the testing of its new central bank digital currency (CBDC), with the goal of piloting real-value payments in early 2023. Moscow authorities are likewise seeking to more thoroughly control decentralized digital currencies.
The present DFA legislation only applies to coins and tokens with an issuer, while a new measure titled “On Digital Currency” wants to encompass cryptocurrencies such as bitcoin more comprehensively. In the midst of sanctions imposed as a result of the intensifying conflict in Ukraine, Russia aims to use both digital currency and crypto assets for international settlements.
According to the crypto page of the Russian business news portal RBC, only one account has been earmarked for the digital ruble, although banks will have numerous accounts to represent their DFAs in the categories “Acquired Digital Financial Assets” and “Issued Digital Assets.”
Regulators justify the requirement for only one digital ruble account by stating that commercial banks will only conduct CBDC cash transactions. The Bank of Russia will issue the digital ruble, which will be held in CBR wallets, while credit institutions will operate as middlemen, offering services to people and businesses such as performing transactions.
Russia’s central bank is vigorously promoting its digital currency initiative, with over a dozen institutions currently participating in CBDC platform experiments. The regulator has been advocating its use in overseas commerce, while other authorities, most notably the finance ministry, aim to make it easier to use cryptocurrencies to avoid Western financial prohibitions.
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