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.