The Central Bank and the Ministry of Finance of the Russian Federation have come to a common understanding of the issue of cryptocurrency, including its use in an experiment on cross-border payments.
Elvira Nabiullina, head of the Bank of Russia, announced this at a joint meeting of committees to consider the main directions of monetary policy in 2024-2026. According to her, the departments had many disputes on this issue, but it seems that they have reached an agreement
It is necessary to develop the possibility of issuing digital financial assets, but where there is a responsible issuer, where the rights of citizen investors who invest in such digital financial assets are protected. By the way, we support their use in international settlements. We also support the use of crypto and mining in cross-border payments within the framework of experimental regimes.
This agreement between the Central Bank and the Ministry of Finance of the Russian Federation may have a significant impact on the development of cryptocurrencies in Russia and abroad. It may also open up new opportunities for cross-border payments and thereby improve the global financial system.
As a reminder, back in April, Deputy Minister of Finance of the Russian Federation Alexei Moiseevcalled cryptocurrencies "evil". "Crypto is generally evil. I believe that people who invest their savings there are taking a very big risk. This is our position, common with the Central Bank," Moiseev said at the time.
What the Central Bank and the Ministry of Finance of the Russian Federation have an understanding of is the digital ruble. The Bank of Russia emphasizes that the digital ruble is not a cryptocurrency, since a cryptocurrency does not have an issuer and there is no single center that would be liable for them, while the digital ruble does. In July, the State Duma of the Russian Federationadopted a law on the introduction of the Digital Ruble. The Central Bank plans to expand the piloting of the digital ruble in the first quarter of 2024. Another 15 banks have applied to participate in the second wave of testing. Piloting of the digital ruble in Russia began in mid-August. Initially, it involved 13 banks, 600 people and 30 legal entities in 11 cities of Russia. Subsequently, the Central Bank expects to launch settlements in digital currencies not only within Russia, but also abroad, in particular with the UAE.
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