Bank of Russia Adds Digital Assets to Banking Chart of Accounts
Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks to Record Digital Currencies as Assets in Their Accounting Books The Central Bank of the Russian Federation (CBR) has released the draft of the updated banking chart of accounts for next year. Starting from 2023, Russian lenders will be required to account for new types of transactions,....
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As the largest banking and financial institution in Russia and one of the world’s biggest public companies, Sber’s move into digital assets is a significant one. Sber, the largest banking institution in Russia, continues progressing with the development of its blockchain-based platform for issuing digital assets.Anatoly Popov, deputy chairman of the executive board at Sber, said that the bank is planning to have registered its digital asset issuance platform with the Bank of Russia — the country’s central bank — by mid-September, local news agency TASS reported on Thursday.Popov said that....
In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR) has issued a recommendation against the listing of securities tied to crypto assets on the country’s stock exchanges. The “preventive measure” will not affect state-issued digital currencies. Bank of Russia Worried About Common Investors’ Exposure to Crypto Derivatives Russia’s central banking institution, known as Bank of Russia, has again expressed its misgivings regarding decentralized money. Cryptocurrencies and digital assets are characterized by high volatility, lack....
The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal.
Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies
Cryptocurrencies in the Russian Federation, as well as related activities, remain only partially regulated, mainly through the law “On Digital Financial Assets,” which went into force at the beginning of this year. One....
The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia Talks Regulation in New Report Devoted to Digital Assets Market Russia’s monetary authority has published a report on the future of the Russian digital asset sector. The document explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), and legal....
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble. Russia’s central bank digital currency, or CBDC, could contain a number of risks related to cybersecurity and fraud, according to several local financial institutions.The Association of Russian Banks, or ARB, has released its official feedback on Russia’s digital ruble project on Jan. 13. The study included 17 ABR credit institutions in Russia accounting for 58% of the total assets of the domestic banking system. According to the report, the majority....