Digital Forex of the Russian Central Financial institution: Prospects and Issues
Digital Currency of the Russian Central Bank: Prospects and Problems
The active digitization of large domestic financial institutions is a noticeable, definitely positive trend. Russia is one of the five worlds leader The speed of the transition to cashless payments and the number of contactless transfers and payments are increasing every year. Such active development requires changes in legislation, and inevitably many specialists and representatives of the financial sector turn to the topic of cryptocurrency and its place in the modern financial world.
On this matter, the Bank of Russia’s policy is mainly focused on destigmatizing the cryptocurrency discourse. The national central bank does not consider it appropriate to define cryptocurrency as property at the civil law level, but allows it to be viewed as property in relation to certain laws, including the Anti-Corruption Act.
Victor Dostov is Research Director of the Distributed Ledger Technologies Center at Saint Petersburg State University and Chairman of the Russian Association for Electronic Money and Remittances.
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