Russia’s Central Bank report examines crypto’s place | The Financial Express

Russia’s Central Bank report examines crypto’s place

The CBR stated in August 2022 that they intend to roll out the digital ruble to all Russian-based banks in 2024.

Russia’s Central Bank report examines crypto’s place
The report also focuses on digital asset regulation, retail investor protections, digital property rights related to smart contracts

In the midst of a barrage of global financial sanctions, the Central Bank of Russia (CBR) is exploring ways to incorporate crypto assets and blockchain technology into its domestic financial system, as reported by Cointelegraph.

The CBR shared a public consultation report titled “Digital Assets in Russian Federation” in a Telegram post on Nov. 7. It considers how the sanctioned country might open up its domestic market to foreign digital asset issuers, particularly those from “friendly countries.”

Cointelegraph further noted that the report also focuses on digital asset regulation, retail investor protections, digital property rights related to smart contracts and tokenization, and proposals for reformed accounting and taxation.

According to the CBR, it strongly supports the “further development of digital technologies” as long as they do not pose “uncontrollable” financial or cybersecurity risks to consumers.

According to the CBR, short-term regulation should focus on protecting investor rights, strengthening rules for admitting a digital asset into circulation, ensuring the issuer is accredited, and disclosing all relevant information to investors.

The CBR’s 33-page report, however, made no mention of the increased sanctions imposed on Russia and the crippling effect they have had on its economy, nor did it discuss the Russia-Ukraine War that is currently taking place in Ukraine.

It does, however, mention a separate report in the works that focuses on Russia’s new central bank digital currency (CBDC) — the digital ruble — which is set to be piloted in early 2023.

The CBR stated in August 2022 that they intend to roll out the digital ruble to all Russian-based banks in 2024.

(With insights from Cointelegraph)

Also Read: Deribit hackers move stolen Ether to Tornado Cash

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First published on: 08-11-2022 at 10:18 IST