March 27, 2023

CBR: Norilsk Nickel tokenization and control of bank transfers

CBR: Norilsk Nickel tokenization and control of bank transfers

The Central Bank of Russia has unveiled a plan according to which it asks Russian banks to note customer accounts, dealing with cryptocurrencies like “suspicious", Reports RBC.

Based on laws and regulations regarding money laundering, banks will have the right to block accounts through which dubious transactions are conducted, including transactions with digital assets.

Central Bank Offer

The central bank has submitted a proposal introducingamendments to key protocol 375-P, a provision that sets out the main ways banks fight money laundering. This proposal should still be approved by the Government of the Russian Federation, however, it has already caused concern of the Russian cryptocurrency community.

Earlier in December 2019, the MinistryThe Ministry of Internal Affairs of the Russian Federation confirmed that it is cooperating with the Supreme Court of Russia and a number of other federal institutions in the development of a bill allowing the authorities to confiscate cryptocurrency, and plans to submit a proposal by the end of 2021.

Tokenization of Norilsk Nickel Metals

The Russian company Norilsk Nickel will be able tolaunch its own blockchain platform for transactions with a token secured by valuable metals. The corresponding decision was made by the Department of Strategic Development of the Financial Market of the Central Bank of the Russian Federation., RBC reports.

In December last year, it became known thatNorilsk Nickel has begun testing the platform for transactions with a digital asset. However, the Central Bank hastened to clarify that the platform’s regular use will be possible only after the entry into force of cryptocurrency legislation in Russia.

Earlier, the head of Norilsk Nickel Vladimir Potanin saidto journalists that tokens can be exchanged for exchange goods (for example, palladium or gold). In addition, it is permitted to exchange a digital asset for oil and gas, as well as for claims (prescribed in contracts), real estate and financial instruments.

All operations will be carried out within the framework of a specially created ecosystem, the testing of which has recently been completed successfully. Each token holder will be registered on the platform.

The total value of investments in digital assets can reach $ 100 million. In the near future, the company expects to carry out up to 20% of all transactions with precious metals on the basis of its blockchain platform.

Potanin noted the need for the speedy legalization of the cryptosphere in Russia, since otherwise the launch of the network in the jurisdiction of the Russian Federation would be impossible.

Note that the State Duma promises to the end of the springsession to pass the law on the so-called digital assets. According to parliamentarian Anatoly Aksakov, some parts of the document are being coordinated, taking into account the requests of the regulator and the business sector.

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