Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says – Finance Bitcoin News

Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says


The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.

Russian Digital Financial Assets Likely to Appear by Year’s End

Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.

Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.

The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:

Binance

We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on the blockchain.

The lawmaker believes that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies,” he elaborated.

Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital assets market through strict regulation and has prepared a new bill to achieve that. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which is yet to be submitted to the State Duma.

Russia has been stepping up efforts to adopt rules for its digital assets space and this bill should expand the legal framework for the sector, which was only partially regulated with the law “On Digital Financial Assets.” While the finance ministry favors regulating cryptocurrencies along with other digital assets, the Central Bank of Russia remains opposed to their legalization in the country.

Tags in this story

Aksakov, Anatoly Aksakov, Blockchain, Coins, companies, Crypto, Cryptocurrencies, Cryptocurrency, deputy, DFA, DFAs, Digital Assets, digital financial assets, Forum, issuance, issuers, lawmaker, Platforms, Russia, russian, Settlements, Tokens

Do you expect Russian companies to employ DFAs for settlements with foreign partners? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*