Russian Prime Minister Keen on Planned Crypto Adoption

Russian Prime Minister Keen on Planned Crypto Adoption
  • The Russian government has entrusted the Central Bank and the Ministry of Finance.
  • Vladimir Putin emphasized Russia’s potential as a currency minting destination.

To help shape the future of the digital financial asset (DFA) market in the Russian Federation, Prime Minister Mikhail Mishustin has instructed the Ministry of Finance to work with the Bank of Russia to develop and submit tangible ideas by December 1st.

RBC Crypto stated that the directive came from the top of the Russian government after a discussion on the country’s financial system. This senior official stressed the importance of DFAs in the present economic climate, saying that they allow for ongoing payments for imports and Russian exports.

Perfect Way to Avoid Sanction

The Russian government has entrusted the Central Bank and the Ministry of Finance with revising the country’s “Strategy for the Development of the Financial Market until 2030.” The document has to be updated to reflect both President Putin’s directives and the current geopolitical climate, as described by Mishustin.

In January of this year, Vladimir Putin emphasized Russia’s potential as a currency minting destination and asked Russian government institutions to find agreement on crypto legislation. Digital assets are a “safe alternative” for international transactions, as Mikhail Mishustin put it in August.

The Russian financial watchdog, Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service are all tasked with collaborating with the Treasury Department and the Monetary Authority by the 19th of December to develop a uniform stance on the proposed regulations that would govern the issue and circulation of digital currency in Russia. There should also be suggestions on how to allocate funds using the digital ruble.

Russia’s central bank digital money, as well as decentralized cryptocurrencies, are now seen as instruments in Moscow that may mitigate the impact of sanctions on the Russian economy and international commerce. 

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