Central Bank announces digital ruble
However, the Central Bank does not object to the use of cryptocurrency in international transactions. The Central Bank leadership planned to use cryptocurrency to create an "invisible" system of international payments in order to circumvent international sanctions.
Last fall, the parliament failed to reach an agreement on the legality of mining. The Ministry of Finance put forward a new idea of implementing the digital ruble to ensure the confidentiality of transactions from Western banking structures, while maintaining control over the digital national currency (CBDC). The start of testing of the digital ruble has not yet taken place, and the planned date of the project is 2024.
Legalization of mining in Russia
In early April, a bill to legalize international payments in cryptocurrency also faced obstacles, as deputies failed to define responsibility for the illegal use of cryptocurrency. According to information posted on the website of the Central Bank, the testing of the digital ruble should have already begun, but there is no detailed information yet.Creation of rules for cryptocurrency exchanges in Russia
Recent statements by the head of the State Duma Committee on Financial Market, Anatoly Aksakov, indicate a rejection of the idea of centralized control over cryptocurrency exchanges. Instead of centralized control they decided to develop a network of small cryptocurrency exchanges, which will be regulated by the Central Bank and act in accordance with the approved rules. This approach will avoid the risk of blocking the only available platform and ensure diversification of the cryptocurrency market in Russia.
We have already emphasized many times that the decentralized cryptocurrency market is the only alternative way to abandon the dollar and circumvent sanctions. It will allow anonymous payments for imported goods, avoiding restrictions, through parallel channels.
AWEX is ready for new rules for cryptocurrency exchanges
Cryptocurrency exchange AWEX has already actively implemented all necessary security measures on its platform regarding the legal purity of digital assets. AWEX complies with AML/KYC policies. The safety of customer funds is ensured by site protection on several levels, as well as mandatory two-factor authentication for deposit and withdrawal transactions.
Thus, Russia is actively looking for solutions to regulate the activities of crypto-exchanges. Creation of common rules and development of a network of small exchanges regulated by the Central Bank will ensure stability and security in the cryptocurrency sphere, as well as avoid unwanted restrictions and blockages.