Yesterday the Russian Prime Minister, Mikhail Mishustin, decreed a December 2022 deadline for clarifications on the use of digital assets and digital currencies for cross border payments. The news came as the Chinese Yuan made up 26% of Russia’s foreign exchange transactions in August, although the reason given was that the Chinese currency was a good surrogate for the U.S. dollar.
The government decrees issued yesterday covered tokenizing real world assets for settlement, cryptocurrencies, as well as a digital ruble or central bank digital currency (CBDC).
As previously reported, the Ministry of Finance is in discussions with the Central Bank of Russia about potentially using cryptocurrencies for cross border commercial payments to address sanctions. There is also interest in creating commodity-based tokenized assets – under Russia’s Digital Finance Assets (DFAs) framework – to use for settlement.
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