Russian Central Bank Looks to Integrate ‘Digital Assets’ Into its Financial System

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Central Bank of Russia (CBR) has released a report that focuses on digital assets and how the new technology can be integrated into its traditional financial system.

on Monday, RussiaCentral Bank of India shares 32-page public consultation report good Titled ‘Digital assets in the Russian Federation’, making a comparison between this new technology and the traditional system, and soliciting opinions on how the former can be incorporated into the latter.

The paper opens with a discussion on distributed ledger technology (DLT) and the emergence of “new tools and services”, including smart contract“digital (tokenized) assets”, central bank digital currencies (CBDC), cryptocurrencies, and decentralized finance (DeFi) Application (dapps,

Notably, these are all separate categories, and most are not discussed in this specific report. It primarily focuses on digital assets, a term it uses to refer to tokenized financial instruments, collateralised. stable coinsand non-fungible tokens (NFT) “the concept of digital finance,” it said, does not include cryptocurrencies and “unsecured (including algorithmic) stablecoins.”

The report notes that although these new devices come with significant benefits,

“The digital asset market is still in its early stages of development and is many times lower than the traditional financial instrument market in terms of volume.”

The bank said the main goals of the digital asset are regulation, financial stability, consumer protection and compliance with Anti-Money Laundering/Finance of Terrorism (AML/CFT) requirements.

Based on the results of discussions with market participants, the Bank of Russia added “ready and prioritized areas for further improvement” regarding “digital rights”. These include:

  • to tax of digital rights;
  • the dissemination of digital rights within the traditional market infrastructure;
  • issues of regulatory arbitrage between digital rights and traditional financial instruments;
  • Changes in AML/CFT regulation;
  • issues of circulation of digital rights issued in accordance with foreign law;
  • Regulation of the use of smart contracts.

In addition, out of the 20 questions listed for consultation, the bank asked who should determine the appropriate standard terms of the smart contract, offering the following options: market participants; the operator of the information system in which digital assets are issued; Bank of Russia; or someone else.

It also asked participants whether they felt it was necessary for digital rights issuers to introduce mandatory disclosure requirements, and which entities should be subject to mandatory disclosure rules.

Meanwhile, as informed ofAt the end of October, Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets, stated that a crypto digging The regulation bill was presented to parliament – ​​and the bill would allow Russians to use crypto “as a means of payment” outside the country. Moscow is Previously banned the use of crypto payments domestically,

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learn more:
, Russian Central Bank Wants to Hire a Crypto Expert
, Russia’s Ministry of Finance, Central Bank Agree to Legalize Cross-Border Crypto Payments

, Russia allows international trade in cryptocurrency for any industry
, Russian Regulators: Crypto Sanctions Are a Form of Digital Fascism


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