Russia will develop strategy for the development of DFAs by the end of the year

Also, this year, the Central Bank and the Ministry of Finance must agree on a draft law to regulate mining

13.09.2022 - 09:30

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What’s new? Russian Prime Minister Mikhail Mishustin has instructed the Ministry of Finance and the Bank of Russia to develop a strategy for the development of digital financial assets (DFAs) by December 1, 2022. According to Prime, citing a press release from the Cabinet of Ministers, the prime minister believes that DFAs should facilitate smooth payment of imports and exports. Mishustin also reported that regulators must agree on a draft law to regulate mining by December 19.

Prime’s material

What else did Mishustin add? The prime minister also called on regulators to develop a plan for the development of the Russian financial market until 2030. Among other things, the Ministry of Finance and the Central Bank will have to develop proposals for the use of the digital ruble in the budget process. According to Mishustin, interested federal authorities will participate in the development of the projects.

Situation with DFAs in Russia. In August, Prime Minister Mikhail Mishustin announced the need to implement DFAs. Sberbank, Atomyze, and Lighthouse are the registered operators for issuing DFAs in Russia. Moscow Exchange also announced the release of a DFA-based product by the end of the year. Diamond mining company Alrosa is also discussing the possibility of issuing DFAs backed by diamonds.

Anatoly Aksakov, head of the State Duma Committee on the Financial Market, believes that in 2024 will be a boom in the issuance of digital financial assets, and Russia’s financial system will start operating on the distributed ledger.

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