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Bank of Russia Allows Sberbank to Issue Digital Financial Assets

News Feed - 2022-03-19 04:03:24

Bank of Russia Allows Sberbank to Issue Digital Financial Assets


Sberbank, Russia’s largest bank, has been authorized by the country’s monetary policy regulator to issue digital financial assets. The move comes amid tightening Western sanctions over the war in Ukraine, including limiting Moscow’s access to the global financial market. Sberbank Added to Central Bank’s Register of Crypto Asset Issuers


The Central Bank of Russia (CBR) has added Sberbank, the country’s leading banking institution, to its register of information system operators permitted to issue digital financial assets (DFAs). The term is used to describe various types of cryptocurrencies in the country’s current legislation. On Thursday, the commercial bank confirmed the news and elaborated: Accounting and circulation of DFAs issued on the Sber digital asset platform will take place in an information system created on the basis of a distributed ledger using blockchain technology, which guarantees data security and the impossibility of information substitution.


The majority state-owned banking and financial services company detailed that other legal entities will be able to issue their own digital assets certifying monetary claims to attract investments. Businesses will also acquire DFAs issued on Sberbank’s platform and make other transactions with them under applicable regulations.


The law “On Digital Financial Assets,” which went into force in January 2021, regulated several crypto-related activities, including the issuance of digital coins and fundraising through tokens. However, it did not introduce rules for other key operations with cryptocurrencies such as their mining, trading, and circulation in the Russian economy.


A working group at the State Duma, the lower house of parliament, has been preparing proposals to address the regulatory gaps. In February, the Ministry of Finance submitted a new draft law “On Digital Currency” which aims to legalize crypto investments but at the same time, cement a ban on the use of cryptocurrencies for payments in Russia.


Amid mounting sanctions over the invasion of Ukraine, including in the financial sphere, concerns have been raised in the West that the Russian government and sanctioned individuals may turn to crypto assets as a tool to circumvent the restrictions.


Recent statements by a member of the regulatory working group in Moscow have confirmed Russia’s interest in employing digital currencies to restore its access to global finances. Russian officials now proceed with efforts to legalize the country’s crypto space. Tags in this story Bank of Russia, Central Bank, Coins, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, DFAs, Digital Assets, Digital Currencies, invasion, issuance, Moscow, register, restrictions, Russia, russian, Sanctions, Sberbank, Tokens, Ukraine


Do you expect Russia to bet on expanding its crypto sector amid financial sanctions? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Luno Launches Venture Fund to Invest in Over 200 Crypto and Fintech Startups per Year FINANCE | 4 mins ago Investors Inject $450 Million Into Consensys, Ethereum Incubator Now Valued at $7 Billion FINANCE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: Apecoin up Nearly 100% on Second Day of Trading, AAVE, HNT Also Move Higher Next articleNew Report From Dacxi Finds Lack of Crypto Education Stops Over 57% of People From Investing Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report


India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.Binance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services Aptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System Fed Hikes Benchmark Bank Rate for the First Time Since 2018, FOMC Expects 6 More Increases Elliptic Identifies "Several Hundred Thousand Crypto Addresses" Tied to Russia-Based Sanctioned Actors

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