Cryptocurrencies will help develop the Russian economy, according to the Ministry of Finance.
Russian Deputy Finance Minister Ivan Chebeskov proposed developing the country’s economy using cryptocurrencies.
Speaking at the Crypto Summit conference dedicated to virtual currencies, Chebeskov stated that digital assets can benefit the state, and therefore their circulation should be regulated with due regard for the interests of market participants. In this regard, Ivan proposed creating a unified development strategy for the industry, including:
- Digital financial assets that are tokenized assets such as precious metals and securities;
- Digital ruble, developed by the Bank of Russia;
- Private cryptocurrencies (apparently, Bitcoin, эфириум and other coins issued in decentralized and centralized blockchains).
According to Ivan, the trading volume of digital financial assets (DFA) has reached 1 trillion rubles, and this figure could increase several times if the government creates favorable conditions. Specifically, he advocates for increased interoperability among platforms for buying and selling these assets to address market fragmentation.
Ivan Chebeskov
Among the digital financial instruments (DFAs) introduced in Russia were cryptocurrency-based products, such as a digital financial instrument for a basket of Bitcoin and Ethereum on Sberbank’s platform. Using this instrument, the bank’s clients can invest in BTC and ETH without purchasing the coins. The problem is that the vast majority of DFAs are restricted to qualified investors, making them inaccessible to most Russians.
Digital financial assets on the Sberbank platform
