According to information obtained from INTERFAX.RU, the Association of Industrialists and Entrepreneurs (RSPP) has asked Russia’s Prime Minister Mikhail Mishustin to consider supporting the adoption of a law on digital financial assets. The letter was signed by Alexander Shokin, head of the union (RSPP), and Vladimir Potanin, co-president of the union in the field of digitization.
- “The bill qualifies the CFA as a type of digital law that is associated with monetary obligations as well as claims arising from the circulation of securities. The concept of stable carbon (stable carbon) is not in the law, but the issue of secured digital financial assets is allowed. The issue decision may therefore state that the digital financial assets are issued as collateral by the assets of their issuer or third parties, a description of the collateral subject and the terms of the collateral. The Central Bank of the Russian Federation is authorized to keep both a register of information system operators, within which a digital financial instrument is issued, and a register of exchange operators.”
The application states:
“Understanding the complexity of the situation in which the Russian economy is currently facing a pandemic, we believe that the adoption of the CFA law at the spring session (effective 6 months from the date of adoption) will enable businesses to seize key digitization opportunities in the post-crisis period. and further economic development,”
“The ability of a company issuing digital financial instruments to attract financing will simplify access to the debt capital market, which may lead to a gradual and sustainable economic recovery following the devastating impact of the pandemic,”
“During the pandemic, the priorities of the economic sectors are being revised, new markets are being sought in an effort to maintain trade liquidity. Businesses have forced themselves and massively turned to the possibilities of digitization as a factor in stabilizing and maintaining access to customers. This is a strong and unique digital trend that should not be lost,”
As we can see, Russia very quickly reconsidered its view during the COVID-19 pandemic, and this period is the accelerator for digital financial assets and their effective usability. Recently, we published an article where, in an interview with the director of the legal department of the Russian Bank, he criticisms were voiced and cryptocurrencies were described as a great risk in terms of financial stability. The law even banned the organization and also the circulation of cryptocurrencies.
A month has passed since Russia’s ban on the circulation of cryptocurrencies, and today Russia is rethinking its stance on digital financial assets, and we all believe that a sovereign country will still accept the fact and begin to digitize more.