New Report from the Central Bank of Russia (CBR): Incentive for the Use of Cryptocurrencies

The Central Bank of Russia (CBR) has released a new report on crypto regulation as part of its effort to internationalize the ailing country’s economy.

The Central Bank of Russia continues to work on integrating crypto assets into the local financial system. by the Central Bank of Russia 7 November In a report shared on to foreign digital asset issuers Topics on how to open

Other areas of focus in the report include digital asset regulation, retail investor protections, digital property related to smart contracts reorganized accounting and taxation recommendations were also included.

The role of crypto in Russia, and in particular the central bank’s growing approach to crypto technology, by trying to turn the country’s natural resources into money coincides with a parallel period. Cryptocurrencies, ongoing Russia-Ukraine war avoiding sanctions and Against the pressure of the US dollar It is among the innovative strategies of the Russian government to take action.

In the report shared by CBR, although the legal framework has been established for digital assets, attention has been paid to the regulations and taxation policy for continuity:

Russia has established the necessary legal framework for the export and circulation of digital assets. But so far, the market is in its early stages of development and is much lower in volume than traditional markets. Better regulation is needed for its further development.

Additionally, in the initial phase of Russia’s global trade with cryptocurrencies “friend countryIt is stated that it will interact with the markets defined as “r”. The report also includes the CBR’s 2023 in the year “digital rubleIt was also stated that the project plans to start the pilot implementation.

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