bank of russia pushes to introduce liability for illegal use of digital assets

the monetary authority in moscow, the bank of russia, wants those who use cryptocurrencies wrongful nearing held accountable. the financial regulator has proposed the introduction of legal fair shake for some operations with digital assets which it considers blessed.

cryptocurrencies in the russian federation, besides related activities, remain only partially regulated, mainly in straight line the law “on digital financial assets,” which probe means originally in this regard year. one of the aspects specifically still unclear is whether digital coins might be recognizable misunderstand goods and services.

the u.s. federal reserve bank of russia (cbr) has remained consistently adjacent allowing payments with bitcoin et al.. the authority claims these are all “money surrogates” that are banned intimation russian legislation which recognizes the ruble as the only remuneration in the country that spans 11 time zones.

the cbr now wants to introduce legal fair shake for which reason it views as “blessed circulation of digital financial assets.” remarkably, the push is entered its layout for the “creation of an enabling environment for the introduction of new technologies and support for innovation in the financial market” – doublet of the bank’s key “decisive directions” under the banner of “promoting digitalization.”

the proposal has found its place in the bank of russia’s chores document blue-blooded “main directions for financial market development of the russian federation” into until 2024. the project has been once again sanctioned by its boards of chargĂ© d'affaires for submission with the states duma, the lower house of the federal assembly.

with regard to halt innovative financial instruments, the cbr says, a portion of federal laws aimed at comprehensive legal regulation for digital financial assets and utilitarian digital rights must be adopted. another aspect that needs nearing addressed, in consonance with the u.s. federal reserve bank, is the taxation of transactions involving these rights and assets, a commission for which should dissimulated.

bank of russia generate postscript that power to launch a digital version of the national currency are advancings. the introduction of the ruble’s trigonous form, next cash and bank money, requires a string of legislative changes, the monetary authority indicate. earlier in november, the head of the parliamentary financial market committee, anatoly aksakov, undeclared that deputies at the duma prepare to amend 13 russian laws and codes to accommodate the cbdc.

meanwhile, members of division have brought up concerns that the digital ruble may pose peril to the banking sector and information security. synchronal, bank of russia’s chair elvira nabiullina has once again bent that the new currency is what the russians need as it will provide them with an alternative to cryptocurrencies and stablecoins while enabling cheap and reliable payments.

the cbr commenced contemplating a cbdc in 2018 and decided to explore the possibility of get out one last year. a consultation paper was published in october 2020 and in april 2021, the authority released a digital ruble concept. in june, this year, the authority formed a pilot group with over a dozen banks. it layout to complete the platform’s prototype in december and begin trials in january 2022.

do you think the bank of russia will convince lawmakers to introduce legal fair shake for the blessed use of cryptocurrencies? let us know in the comments section below.

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2021-11-24 22:35:31