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State Duma Approves Bill for Digital Ruble and “Digital Assets” in International Trade
State Duma lawmakers have given the green light to a bill that allows Russian firms and their partners to utilize the digital ruble and “digital assets” in international settlements. The bill has been passed in a second and third reading, fast-tracked through the Russian legislature. The aim is to enable domestic firms to pilot cross-border trades using “digital financial assets.”
Classification of Digital Assets
Russian law categorizes the digital ruble as a “digital financial asset,” along with other assets such as digitized commodities and securities. There is also speculation that certain types of NFT may one day meet the legal definition of “digital assets.”
Amendments and Regulatory Framework
The State Duma Committee on the Financial Markets approved new amendments to the draft law, clarifying the procedure for “purchasing digital financial products” on approved “marketplaces.” The bill designates the Central Bank of Russia as the chief regulator for digital asset trading, empowering the bank to determine the conditions and prohibitions for transactions with digital assets.
International Trade and Sanctions
Russia is looking to enable the use of digital assets in foreign trade operations to facilitate active trading with friendly countries and potentially alleviate the impact of sanctions. Lawmakers see this as a pressing need, emphasizing that the current use of digital assets for international payments is not subject to currency regulation or exchange control.
Anatoly Aksakov, the Chairman of the Committee, highlighted the interest from Russia’s partners in utilizing digital assets for trade and emphasized the potential for solving the challenges posed by sanctions through the bill’s approval.
It’s noteworthy that Russian legal experts have clarified that the bill does not apply to cryptocurrency, as it does not classify as a digital financial asset under domestic law.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
