2 years ago
The Bank of Russia said it started the aviator signifier of the integer ruble, its planned cardinal slope integer currency (CBDC). It indispensable go an alternate to cryptocurrencies for Russians, the regulator has said, which should beryllium wholly banned.
Three banks are already supporting aviator transactions for their clients utilizing existing mobile slope apps, arsenic good arsenic gateways to speech rubles from their accounts for the integer version, according to an announcement published connected the Bank of Russia website connected Tuesday. Nine much banks are upgrading their tech stacks to articulation the aviator soon, the study said.
At the aforesaid time, the cardinal slope reiterated its call for a full ban connected cryptocurrencies. According to Forbes, the regulator sent its objections to cryptocurrency regularisation to the Ministry of Finance, which had earlier projected allowing regulated crypto purchases done licensed Russian banks. That attack was aboriginal elaborate successful a road map for cryptocurrency regularisation published by the government.
In its letter, the Bank of Russia said that allowing non-qualified investors to commercialized cryptocurrencies done banks volition make "an illusion of authorities protection" portion encouraging radical to enactment successful a "de-facto Ponzi scheme," Forbes wrote. The authorities won't beryllium capable to afloat power cryptocurrency transactions, and the crypto manufacture won't truly payment the Russian economy, the slope said.
The authorities responded to the bank's January telephone for a prohibition by publishing a road map for cryptocurrency regularisation successful Russia soon afterward. The Bank of Russia was listed arsenic a subordinate successful discussions, however, caller statements bespeak it never truly agreed with the thought of legalizing crypto. Earlier this year, President Vladimir Putin called for the cardinal slope and the authorities to find communal ground.
The Bank of Russia plans to propulsion for a measure to amend the 2020 digital assets law that would prohibition crypto issuance, trading and publishing accusation astir specified services, Forbes wrote. Banks and communications providers would person to artifact transactions to individuals known to beryllium progressive with cryptocurrency-related business. Financial organizations besides wouldn't beryllium allowed to ain cryptocurrencies.
The Ministry of Finance, meantime, is connected way to suggest a measure connected regulating crypto by Feb. 18, TASS quality bureau reported.
The integer ruble task was archetypal introduced successful October 2020, with the Bank of Russia committed to creating a prototype successful precocious 2021 and piloting it successful aboriginal 2022.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Anna Baydakova is an investigative newsman with a peculiar absorption connected Eastern Europe and Russia. Anna owns a fraction of BTC.
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