A report was released which discusses the ways of using blockchain technologies for the Russian economy.
Crypto and blockchain technologies have finally caught up to the Central Bank of Russia (CBR). A report titled ‘Digital Assets in Russian Federation’ was released by the CBR, highlighting the methods to blend crypto and other blockchain technologies into its economy and financial systems. The heavily sanctioned country has explored this space amidst turmoil in the world economy while tackling its own issues.
The report has indicated that Russia may liberalize its domestic markets mainly to ‘friendly countries’ that issue digital assets. Other aspects of the report are digital property rights related to smart contracts and tokenization, retail investor protections, digital asset regulation, and reformed taxation and accounting proposals. A separate report was discussed, dedicated to the digital ruble which is expected to be rolled out in 2023-2024.
The Central Bank of Russia also supported the idea of extending regulatory norms applicable to traditional financial products to digital assets. While the original report was written in Russian, a translated excerpt reads, “Russia has created the necessary legal framework for the issuance and circulation of digital assets […] But so far the market is at the initial stage of its development […] and is many times inferior to the market of traditional financial instruments. Its further development requires improved regulation.”