I love you, neither do I. – Russian authorities continue to blow heat and cold on cryptocurrencies. The Mixed announcements about bitcoin, stablecoins and all cryptocurrencies are enough to baffle observers. It also appears that the Russian Central Bank (CBR) and the government not be Not Absolutely on the same wavelength, which gives rise to irregular claims seen from the outside. Today it is the CBR that does it all report after a public consultation on digital resources.
The Central Bank of Russia evaluates the pros and cons of cryptocurrencies
To allow cryptocurrencies to trade with countries that don’t turn their backs on them, but to forbid to its citizens … while leaving the number of bitcoin distributors ? This is where we are Russia at the beginning of winter. The Central Bank of Russia is looking for the best way to leverage blockchain technology to its advantage and is ramping up its explorations. Will it go through a stablecoin? He will do it backed by physical gold ?
Be that as it may, on November 7, the CBR released a report of consultation entitled “Digital assets in the Russian Federation”. The idea of this study is to consider how to frame the opening of its internal market to foreign issuers of digital assets. It is specified that these issuers would come from “Friendly countries”, which still limits the possibilities. But above all it is a question of knowing how to regulate this hypothetical opening.
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The advantage of the blockchain without its drawbacks
Indeed, allowing decentralized currencies is, for many governments, like opening Pandora’s box and losing some control over its population; hence the desire to regulation around the world. And the Russians are no exception to this rule. Aware of all this, the CBR is already putting in place safeguards, listing all of the regulations necessary not to create “Financial or IT security risk” with these famous digital technologies.
And the list of regulatory needs is long:
- Protection of small investors;
- Digital property rights relating to smart contracts;
- Rules for putting a digital good into circulation;
- Supervision of digital asset issuers;
- Guarantee of issuance of tokenized assets;
- New tools to adjust accounting and taxation.
So yes ! CBR is supportive to cryptocurrencies, but recognizes it Limits current:
“Russia has created the necessary legal framework for the issuance and circulation of digital assets, but its further development requires better regulation. “
Another timethe Russian Central Bank shows its interest for the technology of blockchain, but always looking for a way to make the most of it. The issuance of a rdouble digital is always considered. However, the authorization of foreign digital currencies on its soil seems subject to so many conditions that it seems complicated to put in place in the short term … Unless the future is written with its neighbor in the Far East, also potentially interested in a new currency that could challenge theOmnipotence of the US dollar.
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