The lack of money is felt across the world. Faced with growing problems, the Central Bank of Russia is revising its priorities regarding cryptos. If so far digital assets have not always been unanimous, Russia sees things differently and thinks they could revive a struggling economy.
Russia, cryptos as a way to internationalize a struggling economy?
Russia is currently considering a cryptocurrency adoption plan. As inflation and sanctions rage, the Russian government is beginning to see the possibilities that digital assets hold. In a recent report on cryptocurrencies, the Russian Central Bank talks about their integration into financial systems.
The main topics revolved around the proper regulation and taxation of crypto issuance. But also, other themes that come up frequently in this kind of discussion. However, the report does not mention any regulations regarding money laundering. Remember that this is one of the topics that comes up the most when it comes to the crypto sector.
The economic sanctions that weigh on the country are also conspicuous by their absence. However, we cannot complain about it, since Elvira Nabiullina, the governor of the CBR, succeeded in protecting the economy of Russia from these. In view of all the difficulties the country is experiencing at the moment, cryptos play a very important role.
Although President Putin came out in favor of cryptocurrencies before the invasion in Ukraine, the CBR initiative is the result of another problem. Indeed, the country has tried to monetize its natural resources without going through the US dollar. However, this is the tool par excellence in the oil and natural gas markets. Therefore, with international regulations, crypto technology is the best alternative to overcome this situation.
A recent Telegram article mentions that the Central Bank of Russia is working on the digital ruble, which it will pilot by 2023. Meanwhile, the CBR says it is interested in opening up the domestic market to friendly countries. This expression, friendly countries, is an understatement of Russian legislation. The latter refers to the few countries that still accept Russian entities in their markets.
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