Since 2021, Russians can legally conduct transactions with digital financial assets (DFA), although they cannot be used as a means of payment anyway, the corresponding federal law was adopted in July and comes into force on January 1.
CFA can be an object of pledge, sale and purchase transactions, exchange. At the same time, CFAs are not and are not recognized as a means of payment. Russian banks and exchanges will be able to conduct transactions of purchase and sale and exchange of assets, and for this they must be included in a special register of the Central Bank. The Bank of Russia has the right to determine the signs of CFA, which can only be acquired by qualified investors, as well as, within a certain amount, by unqualified individual investors.
In addition, Russian individuals and legal entities will be able to challenge transactions with digital currency in court, but on condition that they have declared these transactions in Russia and the very possession of the cryptocurrency. Officials and a number of other persons who are now not entitled to have accounts abroad are also prohibited by the law from having digital currency and digital currency issued in foreign systems.
"Today, technically, if you want to store bitcoin and not tell anyone about it, you can safely do it, this is the essence and main property of bitcoin - anonymization. Deanonymization occurs at the moment when you need to exchange cryptocurrencies for rubles, dollars or euro, that is, for any fiat currency. At this moment, the state can intervene in these transactions and create an obstacle for the "shadow" market and opportunities for a legal market, "the expert noted.
Arseny Poyarkov, head of the BusinessDrom analytical center, a member of the State Duma's expert council on the digital economy, believes that Russian lawmakers adopted the law on CFA "largely under the impression of the cryptocurrency market." "Although in fact it is this market that will least react to changes. The cryptocurrency has been and will remain in the 'gray' zone, since the use of bitcoins in calculations is economically viable in a wide range of cases. And, of course, bitcoin has been and remains a means of payment, no matter how the legislator emphasizes that the first cryptocurrency by law is not such, "he said.
Central Bank announced the development of the digital ruble Why does Russia need an alternative to illegal cryptocurrencies
The Bank of Russia will study the issue of the need to create a digital currency, which will become the third form of money in Russia along with paper and non-cash funds. The new ruble can be issued as a digital code
The Bank of Russia will study the feasibility of issuing a digital ruble, which will circulate in parallel with cash and non-cash rubles, follows from a public comment report issued by the regulator.
The decision to issue a digital ruble has not yet been made, the report emphasizes. But, according to the Central Bank, an active study of the issue from the economic and technological points of view is already needed. By December 31, 2020, the regulator plans to receive feedback from experts and market participants on the initiative.