Russia to have clarity on crypto and digital assets by December?

Yesterday, Russian Prime Minister Mikhail Mishustin issued a decree setting a deadline of December 2022 for clarity on the use of digital assets and digital currencies for cross-border payments. This will include the tokenization of real-world assets for settlement, cryptocurrencies, and central bank digital currencies CBDC.

By December 1st, the Bank of Russia and the Ministry of Finance must submit proposals outlining how digital assets could “contribute to the uninterrupted payment for the supply of goods from abroad and for export.”

The decree also called for a draft crypto regulation by December 19th, 2022. Mishustin said that the legislation should address “the issuance, organization of issuance and circulation of digital currency in Russia in terms of regulating mining, as well as the use of digital currencies in international settlements.”

The decree comes after recent statements by Russian Deputy Finance Minister Alexei Moiseev that, in order to get around sanctions, Russia would consider using commodity-backed stablecoins for cross-border payments.

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Last month the Bank of Russia also said that it plans to launch a pilot version of the digital ruble by 2023, including p2p and commercial testing of the CBDC.