The Central Bank and the Ministry of Finance of the Russian Federation have reached a unified understanding on the issue of cryptocurrency, including its use in a cross-border settlements experiment.
Elvira Nabiullina, head of the Bank of Russia, announced this at a joint meeting of committees to review the main directions of monetary policy for 2024-2026. According to her, the departments had many disputes on this issue, but it seems they have come to an agreement.
We need to develop the possibility of issuing digital financial assets, but where there is a responsible issuer, where the rights of investor-citizens who invest in such digital financial assets are protected. We support their use in international settlements. We also support the use of cryptocurrencies and mining within experimental regimes for cross-border settlements.
This agreement between the Central Bank and the Ministry of Finance of the Russian Federation could have a significant impact on the development of cryptocurrencies in Russia and beyond. It may also open new opportunities for cross-border payments and thus improve the global financial system.
Recall that in April, Deputy Finance Minister of the Russian Federation Alexey Moiseev called cryptocurrencies an "evil". "Crypto, in general, is evil. I believe that people who invest their savings there are taking a big risk. This is our position, shared with the Central Bank", - then said Moiseev.
The one thing the Central Bank and the Ministry of Finance of the Russian Federation agree on is the digital ruble. The Bank of Russia emphasizes that the digital ruble is not a cryptocurrency, as cryptocurrency does not have an issuer and there is no single center that would have obligations for them, whereas the digital ruble does. In July, the Russian State Duma passed a law on the introduction of the Digital Ruble. The Central Bank plans to broaden the pilot of the digital ruble in the first quarter of 2024. Another 15 banks have applied to participate in the second wave of testing. The piloting of the digital ruble in Russia began in mid-August. Initially, 13 banks, 600 people and 30 legal entities in 11 Russian cities participated in it. Subsequently, the Central Bank plans to launch transactions in digital currencies not only within Russia but also abroad, in particular with the UAE.