The Central Bank of Russia supports the development of digital financial assets but remains opposed to legalizing crypto payments, its top management has reiterated. The monetary authority is now working on a set of regulatory proposals that will be submitted to parliament by the end of the year.
Russia’s Central Bank Takes Legislative Initiative in Digital Assets Regulation
The Central Bank of the Russian Federation (CBR) intends to file a legislative package concerning the regulation of digital financial assets (DFAs) with the State Duma, the lower house of parliament. Under current Russian law, the term DFA refers to coins and tokens with an issuing entity as opposed to cryptocurrencies like bitcoin.
Speaking during Finopolis, a forum devoted to financial innovations, the bank’s Deputy Chairman Olga Skorobogatova explained that the proposals pursue three main objectives — improving taxation and eliminating tax arbitrage, developing exchange platforms and regulating smart contr
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