The new banking chart of accounts for the upcoming year has been announced in draught form by the Central Bank of the Russian Federation (CBR). Beginning in 2023, Russian lenders must keep track of new sorts of transactions, such as transfers of digital rubles and operations involving digital financial assets (DFAs).
A new measure called “On Digital Currency” aims to more thoroughly encompass cryptocurrencies like bitcoin whereas the current DFA law mainly applies to coins and tokens with an issuer. Russia intends to use both the digital currency and crypto assets for international settlements in the midst of sanctions imposed due to an intensifying war in Ukraine.
This year, the monetary authority has increased testing of its new central bank digital currency (CBDC), with the goal of launching real-value payments in the first quarter of 2023. Moscow’s government is likewise seeking to more thoroughly control decentralised digital currency.
According to the crypto page of the Russian business news portal RBC, only one account has been set aside for the digital ruble, although banks will have numerous accounts to reflect their DFAs in the sections “Acquired Digital Financial Assets” and “Issued Digital Assets.”
With more than a dozen institutions now participating in the CBDC platform trials, the Russian central bank is actively advancing its digital currency project. While other organisations, most notably the finance ministry, aim to enable the use of cryptocurrencies as a means to avoid Western financial prohibitions, the regulator has been supporting their application in international trade.
Regulators point out that only transfers of CBDC funds will be handled by commercial banks, which justifies the demand for a single digital ruble account. The Bank of Russia will issue the digital ruble, which will be kept in wallets at the CBR. Credit institutions will serve as the middlemen, offering services to people and organisations including carrying out transfers.
- Digital assets are now included in Bank of Russia’s banking chart of accounts
- Check all news and articles from the latest Business news updates.