Mishustin instructed departments to agree on a position on digital currencies and mining

Prime Minister Mikhail Mishustin instructed the Ministry of Finance, with the participation of the Central Bank (CB), to update the strategy for the development of the Russian financial market until 2030. By December 19, the Ministry of Finance, together with the Central Bank, Rosfinmonitoring, the Federal Tax Service and the FSB, must develop a position on draft laws regulating the mining, issue and circulation of digital currency, as well as its use in international settlements.

The instructions were given following the results of the session held on August 30 in the area of ​​”Development of the domestic financial system.” Among others instructions premiere:

by October 17, to work out the expansion of existing and the launch of new mechanisms for hedging interest rate risks on loans for targeted investment projects;

prepare and submit proposals to the government on the transition of state support measures from subsidizing interest rates to compensating part of capital expenditures on investment projects financed at the time of commissioning (both – for the Ministry of Economy, the Ministry of Finance with the participation of the Central Bank and VEB.RF);

before December 1 – to submit proposals for the development of the market of digital financial assets in Russia, including the use of decentralized technologies (to the Ministry of Finance and the Central Bank);

until December 15 – to work out the expansion of the range of commodity market instruments and hedging of changes in prices for commodity and financial assets (to the Ministry of Finance and the Ministry of Economy with the participation of the Central Bank);

develop a concept for a national system of financial and commodity indicators, as well as mechanisms for their administration (by the Central Bank together with interested authorities);

By December 19, submit proposals on using the remote identification mechanism to facilitate access for foreign investors and issuers to the Russian financial market (to the Ministry of Digital Development, the Ministry of Finance, the Federal Security Service, Rosfinmonitoring and the Federal Tax Service);

prepare and send proposals to the government on the use of the digital ruble in the budget process (to the Ministry of Finance and the Central Bank);

before December 26 – to develop criteria for projects of technological sovereignty and modernization of the economy for the Central Bank to apply measures of stimulating banking regulation;

no later than March 31, 2023 – to submit proposals on additional mechanisms to stimulate and encourage long-term savings of citizens (both – to the Ministry of Finance and the Ministry of Economy with the participation of the Central Bank).

In the Central Bank spokethat they are ready to legalize the mining of cryptocurrencies if the sale of their proceeds in the form of digital currencies takes place outside of Russia. Against the backdrop of hostilities in Ukraine and relocation, the interest of Russians in hardware (also called cold, that is, on a physical medium) crypto wallets increased sharply, but by August it had already begun to decline.

Details – in the material “Kommersant” “Citizens have lost interest in cold wallets”.

Laura Keffer