Russian Prime Minister Mikhail Mishustin has urged the country’s central bank and finance ministry to agree on a vision to develop the country’s digital asset market by 1 December. Mr. Mishustin also called on the institutions to work with other regulators to find a common position on the legislation to regulate the digital asset market in the country.
In recent months, Russia has been aggressively pushing for the use of cryptos in global trade to keep its revenue streams open and reduce the impact of financial restrictions imposed on the country by the West in the wake of its invasion of Ukraine.
Further, the finance ministry and the Central Bank of Russia have been asked to prepare a roadmap for the development of the domestic financial market.
The treasury department and the monetary authority are also required to work with Rosfinmonitoring, the country’s financial watchdog, the Federal Tax Service, and the Federal Security Service. They have been asked to present a proposal by 19 December on drafting a cryptocurrency bill, which will also contain provisions related to the issuance and circulation of a digital rouble.
At the beginning of the year, Russian President Vladimir Putin had urged government institutions to reach a consensus on crypto regulations, underlining the country’s credentials to become a top crypto destination. Prime Minister Mishustin has referred to digital assets as a safe alternative for cross-border payments and settlement.
FAQs
Who controls cryptocurrency?
Cryptocurrencies are typically decentralized and controlled by a network of computers, miners, and users who validate and secure transactions through consensus mechanisms like proof of work or proof of stake, rather than being controlled by a central authority.
What does Bitcoin mean?
Bitcoin is the most recognized cryptocurrency, created by an anonymous person or group of people under the pseudonym Satoshi Nakamoto in 2008. It operates on a decentralized peer-to-peer network and serves as a digital store of value and a medium of exchange.
Can you name two of the top three cryptocurrencies based on their market value?
Two of the top three cryptocurrencies based on their market value are Ethereum and Binance Coin, following Bitcoin in terms of market capitalization
Is Greece crypto-friendly?
Greece has shown mixed attitudes towards cryptocurrencies. While there is no specific regulation regarding cryptocurrencies, the Greek government has not taken a clear stance on their legality. However, there are reports of increasing interest and adoption of cryptocurrencies among Greeks, with some businesses accepting them as payment.
