The Russian Central Bank Is Aiming To Integrate Crypto Assets Into The Local Financial System

The Russian Central Bank (CBR) published a consultation paper on digital assets, emphasizing their integration into financial systems. The main areas of concern were correct taxation and regulation of digital asset issuance, which are common issues in crypto regulatory talks worldwide.

There is no mention of money laundering rules, which are a primary focus of crypto policy. There is also little discussion of the sanctions presently creating havoc on the Russian economy, even though CBR Governor Elvira Nabiullina has been generally effective in buffering 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. Before invading Ukraine, President Vladimir Putin advocated for cryptocurrency and its potential for the Russian economy.

In modern Russian law, friendly countries have 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 second research concentrating on the digital ruble, a central bank digital currency that the CBR has stated it will launch in 2023.

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