Ministry Of Finance And Central Bank Of Russia Asked To Agree On Digital Asset Development

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Ministry Of Finance And Central Bank Of Russia Asked To Agree On Digital Asset Development. The central bank and finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for developing the country’s digital asset market on December 1. Working with other regulators, they should also present a joint position on the legislation needed to regulate it.

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Citing Bitcoin, Thursday (15/9/2022), Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset market (DFA) in the Russian Federation by 1 December.

Meanwhile, the head of the Russian government issued an order after a meeting devoted to the country’s financial system, according to the RBC Crypto report. The top official stressed that under current circumstances, the DFA could facilitate uninterrupted payments for Russian imports and exports.

The finance ministry and the central bank have been tasked with updating Russia’s financial market development strategy until 2030. The document should be revised taking into account President Putin’s instructions and the existing geopolitical situation.

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In January this year, Vladimir Putin urged Russian government agencies to reach consensus on crypto regulations and highlighted Russia’s potential as a coin minting destination. In August, Mikhail Mishustin described digital assets as a secure alternative to cross-border payments.

The treasury department and monetary authorities are also required to work with Russia’s financial watchdog Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service to outline the unified position, as of December 19, of a bill designed to regulate the issuance and circulation of digital currencies in Russia.

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Federal legislation, part of which was a new “On Digital Currencies” bill proposed by the ministry in February, should also introduce rules for cryptocurrency mining, a thriving industry in energy-rich Russia, and legalize the use of digital assets in international settlements. . Proposals are also expected on the use of the digital ruble for budgetary purposes.

Both Russia’s central bank digital currency and decentralized cryptocurrencies are now seen in Moscow as tools that can mitigate the negative effects of sanctions on the Russian economy and foreign trade.

Earlier this week, director of the finance ministry’s Financial Stability Department Ivan Chebeskov indicated he expects to see international crypto transactions as early as next year.

Ministry Of Finance And Central Bank Of Russia Asked To Agree On Digital Asset Development. Previously, the price of bitcoin and other top cryptocurrencies was observed to have a uniform movement on trading Thursday, September 15, 2022. The majority of cryptocurrencies returned to strength after briefly weakening the previous day stung by US inflation data sentiment.

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Based on data from Coinmarketcap, Thursday (15/9/2022) morning, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) edged up 0.50 percent in the last 24 hours and 5.01 percent a week.

Currently, the bitcoin price is at the level of USD 20,312 per coin or equivalent to IDR 302.8 million (assuming an exchange rate of IDR 14,910 per US dollar).

Ethereum (ETH) is also gaining ground this morning. Over the past 24 hours, ETH recovered 2.95 percent and 0.08 percent in the week. That way, ETH is currently at USD 1,640 per coin.

The next cryptocurrency, Binance coin (BNB) is strengthening again. In the last 24 hours BNB edged up 0.80 percent and 0.83 percent for the week. That makes BNB priced at USD 280.16 per coin.

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Then Cardano also skyrocketed. In the last one day ADA skyrocketed 3.01 percent and 1.16 percent a week. Thus, ADA is at USD 0.4832 per coin.

Meanwhile, Solana (SOL) managed to return to the green zone. During the last one day SOL shot up 2.14 percent and 4.86 percent a week. Currently, the price of SOL is at the level of USD 34.27 per coin.

Likewise XRP also jumped this morning. XRP is up 2.81 percent in the last 24 hours and 2.01 percent on the week. That way, XRP is now priced at USD 0.3422 per coin.

Ministry Of Finance And Central Bank Of Russia Asked To Agree On Digital Asset Development. StablecoinTether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes the price of both still survive at the level of USD 1.00

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Meanwhile, Binance USD (BUSD) weakened 0.04 percent in the last 24 hours, sending the price down slightly to USD 0.9997.

As for the overall crypto market capitalization in 24 hours, it is back at the level of USD 1 trillion, from previously in the range of USD 991.3 billion.

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