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The Central Bank of the Russian Federation has limited annual crypto investments …

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The Central Bank of the Russian Federation has limited annual crypto investments ...

The Central Bank of the Russian Federation has limited annual crypto investments to non-accredited investors
CONTENT

  • The Russian Central Bank officially announced the launch of public consultations on the issue of the digital ruble

  • So far, three models of the spread of the digital ruble are being studied

  • The exact release date remains unknown

International consortium of news organizations developing transparency standards.

The Bank of Russia officially entered the race to digitalize the economy, initiating public consultations on the issue of the digital ruble

The Central Bank of the Russian Federation has limited annual crypto investments ...

Update. The Bank of Russia has determined the maximum entry threshold for unqualified investors into the digital financial assets (DFA) market. According to the document, such investors will be able to invest in CFA no more than 600 thousand rubles per year..

The person purchasing the CFA must inform the cryptocurrency exchange operator that the threshold has not been exceeded. The decision comes into force on January 1, 2021.

Meanwhile, the Central Bank begins public consultations on the issue of the digital ruble. The regulator announced this on its official website..

The decision to study in more detail the potential issue of digital currency is associated with the formation of a public request “to increase the speed, convenience and safety” of payments using modern technologies:

“Responding to the changing needs of citizens and businesses, the Bank of Russia is assessing the possibilities and prospects for issuing the digital ruble”.

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It is assumed that with the release of the digital ruble, citizens will be able to credit digital rubles to their electronic wallets and use them using mobile devices and other media, both online and in the absence of access to the Internet:

“For offline operations, without access to communication networks, users will be able to pre-reserve a certain amount of digital rubles in their electronic wallet, similar to how they now take cash with them when they go to places where payment cards may not be accepted.”.

The Central Bank of the Russian Federation has limited annual crypto investments ...

Addition to the traditional ruble

Also, the Central Bank of the Russian Federation believes that the digital ruble will help “reduce the cost of making settlements and increase financial availability.” At the same time, the regulator emphasizes that the digital ruble will not replace fiat currency, but is an addition to the usual forms of money..

Source: cbr.ru

So far, the Bank of Russia is studying three forms of creating a digital ruble: using a decentralized ledger, a centralized ledger, or a hybrid model.

In the case of a hybrid model, the Central Bank of the Russian Federation will be able to combine all the requirements for the digital ruble based on modern technologies, however, “it is necessary to take into account the costs of maintaining two solutions, including their integration”.

When exactly the Central Bank of the Russian Federation will issue the digital ruble and whether it will issue it at all, it remains unknown.

According to the President of the Russian Association of Cryptocurrencies and Blockchain (RACIB) Yuri Pripachkin, it is “enough six months” to create a digital ruble if there are qualified personnel and an approach. Nevertheless, there is no need to wait for the digital ruble until the legislation is agreed, which will allow the creation of a digital ruble and approve other cryptocurrencies, Pripachkin noted..

In pitch darkness

In April 2020, the First Deputy Governor of the Bank of Russia Olga Skorobogatova said that in Russia or elsewhere, no one “can give a convincing answer” to the question of what a central bank digital currency is (CBDC Paper bills and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC). As … More), as well as explain to the regulator the difference between electronic payments and CBDC.

Learn how to trade in the cryptocurrency market with BeInCrypto partner – cryptocurrency exchange StormGain.

The Central Bank of the Russian Federation has limited annual crypto investments ...

At the same time, back in November 2019, experts of the State Duma on budget and taxes, as well as on the financial market, noted that the regulator does not pay due attention to the problem of digitalization of the financial sector. The full history of the development of the domestic cryptocurrency market can be studied in our special section..

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