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Russia adds digital assets to banking chart

The Central Bank of Russia has included digital assets, including a digital version of the Russian currency, in a draft of the new banking chart of accounts that was just published. Financial institutions will be able to share data on operations involving these assets in the future.

The draft of the amended banking chart of accounts for next year has been released by the Central Bank of the Russian Federation (CBR). Russian lenders will be expected to account for new sorts of transactions, such as digital ruble movements and operations involving digital financial assets, beginning in 2023. (DFAs).

This year, the monetary authority has expanded testing of its new central bank digital currency (CBDC), with the goal of piloting real-value payments in early 2023. Moscow authorities are likewise seeking to more thoroughly control decentralised digital currencies.

The present DFA law only applies to coins and tokens with an issuer, while a new measure titled “On Digital Currency” wants to cover cryptocurrencies such as bitcoin more comprehensively. In the midst of sanctions imposed as a result of the intensifying conflict in Ukraine, Russia aims to use both the digital currency and crypto assets for international settlements.

According to the crypto page of the Russian business news portal RBC, only one account has been earmarked for the digital ruble, although banks will have numerous accounts to reflect their DFAs in the sections “Acquired Digital Financial Assets” and “Issued Digital Assets.”

Regulators explain the requirement for only one digital ruble account by stating that commercial banks will only conduct CBDC cash transactions. The Bank of Russia will issue the digital ruble, which will be stored in CBR wallets, while credit institutions will operate as intermediaries, providing services to individuals and businesses such as performing transfers.

The present DFA law only applies to coins and tokens with an issuer, while a new measure titled “On Digital Currency” wants to cover cryptocurrencies such as bitcoin more comprehensively. In the midst of sanctions imposed as a result of the intensifying conflict in Ukraine, Russia aims to use both the digital currency and crypto assets for international settlements.

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