The Central Bank of Russia (CBR)’s report delved into digital asset regulations, retail investor protection, and other facets as it hailed smart contracts.
Following its approval to use digital assets in cross-border payments, Russia now has its eyes set on digital assets trading to address growing investors' demand and the changing economic landscape.
Russia is examining the potential use of digital assets in foreign trade transactions, betting on the tool as a gateway to boost and innovate the economy and ramp up cybersecurity.
Russia recently released its "Main Directions for the Unified State Monetary Policy," which highlighted policies for 2023, as well as the periods of 2024 and 2025.
The head of Russia's State Duma Committee on financial markets, Anatoly Aksakov, has introduced the proposal to launch a regulated digital assets exchange for the Russian market.
Olga Skorobogatova, first deputy chairman of the CBR, said the time horizon for a fully fleshed out and functioning digital ruble is an estimated three years.
Testing state-backed digital currency for real estate settlements is already ongoing, along with testing for use in making regular payments for goods and services, according to local news reports.
Elvira Nabiullina remarks indicates that Russia may soon roll out its support for digital currencies in international settlements as the government has been dropping hints about the plans.
The central bank and the Russian government are fully engaged in drafting regulations for digital currencies; it is now a question of when the legislation will be ready, the minister said.
Central Bank of Russia President Elvira Nabiullina revealed that by 2023, the digital ruble would be launched on a pilot basis for making payments to other countries.
The Russian central bank recently proposed a ban on digital currency, but the Finance Ministry believes that thousands will lose out and is suggesting enabling regulations instead.