While Russia tests the digital ruble, plans for a more comprehensive cryptor regulation are unsure

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Vladimir Putin Russia
  • The Russian Ministry of Finance has reportedly started to accept public comments on rules for transactions with digital assets
  • The Bank of Russia finished the prototype of its digital ruble platform in December, and 12 banks agreed to test the platform

While Russia is thinking about the introduction of a state-funded digital ruble, the crypto regulations remain in the air in view of the clashes between the state's central bank and the Ministry of Finance.

A crypto law still seems to be in progress, and the Russian Ministry of Finance did it Catched assets.

nick du Cros, Head of Compliance and Regulatory Affairs at the Digital Asset Manager CoinShares, described the potential of a legislation this year as "a significant positive development".

"The central bank does not hold the draft law in hand, so it has to be very committed to ensuring that legislation reflects its point of view," du Cros told Blockworks. "As it now looks, the central bank's view appears that there should be a complete ban on crypto and crypto mining, less likely than a regulation aimed at Russia, which enables crypto to exist with the current banking network."

The Russian finance minister Anton Siluanov said on Friday that he hoped that such a law would be passed before the end of the year. according to Reuters .

The Russian government and the central bank reached an agreement on the development of laws or the change of existing laws to recognize crypto as a currency last week. News agency KommerSant reports This legislation would be worked out by February 18th.

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The central bank had previously proposed to limit Miner and the crypto handle because it feared that they could endanger the country's financial system. President Vladimir Putin said that he supported a plan to tax and regulate space.

The Bank of Russia meanwhile introduced a prototype of its digital ruble platform in December, with 12 banks that have agreed to test it. Three banks connected to the platform, the bank announced on Tuesday, with two digital ruble transactions concluding between customers via mobile applications.

to concentrate on the digital rubles before the system is opened to other currencies, could give the country a lead on the market, Stan Miroshnik, partner at the 10T growth capital, told block works.

Miroshnik stated a parallel to China's digital Yuan and said that the state -funded cryptocurrency had contributed to leaving other speculative digital assets.

"To the extent to which you want to create your own dominant digital asset through which the central bank has control ... I think that's the game book," said Miroshnik. “I think that's the tension we see.”

The latest draft law was published, while the G-20 meeting of the finance minister and the central bank governor takes place, du Cros said, adding that the time indicates that Russia is more interested in "tailor-made" regulations on international crypto standards.

The Bank of Russia and the Ministry of Finance did not immediately answer a request for comment.

Ukraine has passed changes to its law on digital assets in order to ratify the possible creation of a legal market for cryptocurrencies, since the risk of an invasion of Russia threatens.

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the post because Russia tests the digital ruble, plans for wider crypto regulation are unsure, there is no financial advice.