The Central Bank of Russia offers to introduce liability for the illegal circulation of digital assets

According to the regulator, CBDC should become a new form of Russian currency with an appropriate legal framework

22.11.2021 - 13:00

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What’s new? Against the background of the development of measures to introduce separate taxation for digital financial assets (DFA), the Central Bank offers to introduce liability for their illegal circulation. This is stated in a document on the regulator's website.

Document on the Central Bank website

What does the document say? The regulator outlined in it the main directions for the development of the Russian financial market for 2022-2024:

“In order to develop innovative tools in the financial market, it is planned to adopt a number of federal laws aimed at creating a holistic legal regulation of digital financial assets and utilitarian digital rights. In particular, a procedure for taxation of transactions with utilitarian digital rights and digital financial assets will be established at the legislative level and liability for the illegal circulation of DFA will be introduced.”

What are the prospects? The Central Bank representatives announced plans to introduce an additional legal framework to strengthen the involvement of depositories in servicing digital assets. In their view, CBDC should become a new form of Russian currency. The Central Bank started developing it last year. The regulator planned to launch the testing of a digital ruble prototype by the end of 2021.

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