March 29, 2024

The Ministry of Finance of Russia expressed its position on the launch of the digital ruble

The Ministry of Finance of Russia expressed its position on the launch of the digital ruble

The Ministry of Finance of the Russian Federation is studying international experience in issuing and regulating digital currencies. CreationSuch an instrument can, among other things, reduce dependence on the dollar, but there are also risks of using it. The Ministry of Finance told Izvestia about this.

Among the advantages of using statedigital currency, in addition to reducing dependence on the dollar, and, consequently, exposure to sanctions, the Ministry of Finance highlighted a decrease in the cost of transactions and increased opportunities for making cross-border payments.

The risks of digital currencies, according to the Ministry of Finance, are high volatility, lack of collateral and their use in illegal activities.

"To prevent possible destabilization of the economy and growth of social tension, the digital ruble must be secured, and transactions with its use must be controlled.", - said the ministry.

With the possible release of a digital ruble, it is necessary to create a new payment infrastructure, and the FATF recommendations on the regulation of digital assets should be taken as its basis, the Ministry of Finance noted.

Recall that the Bank of Russia is considering the creation of a digital ruble and published a report on it.

Prohibitionist

Skeptical attitude of the Ministry of Finance towards cryptocurrencythe market has known for a long time. At the end of September, for example, the Ministry of Finance proposed to punish with a criminal article up to three years in prison for failure to declare a cryptocurrency wallet with a turnover of over 1 million rubles per year.

President of the Russian Cryptocurrency Association andBlockchain (RACIB) Yuri Pripachkin has already warned that with “prohibitive and absurd standards”, digital businesses will find themselves in the position of seeking foreign jurisdiction for their activities.

Let us recall that on October 14, 2020, the Central Bank of the Russian Federation initiatedpublic consultations on the release of a digital ruble. The regulator believes that the digital ruble will help “reduce settlement costs and increase financial inclusion.”

Find out what cryptocurrency market experts think about the release of the digital ruble from our special material.

The Ministry of Finance of Russia expressed its position on the launch of the digital ruble

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