Putin calls on Russia to seize the opportunity to accelerate the adoption of cryptocurrency and digital ruble

This site (120btC.coM): According to the Russian media "TASS", Russian President Vladimir Putin said that cryptocurrencies are increasingly being used as a payment method for international trade, and Russia must grasp it Opportunity to integrate digital assets into the Russian economic system as soon as possible.

The report pointed out that Putin recently pointed out at a meeting to discuss economic issues that "although digital assets are not currencies in the general sense, they are increasingly used as a means of payment for international trade around the world." He also emphasized that Russia must "seize the opportunity" to establish a legal framework and supervision in a timely manner, develop infrastructure, and create conditions for the circulation of digital assets domestically and "with other countries."

Putin signed and passed the Digital Financial Assets Act (DFA) in 2020. Although it gives cryptocurrency the legal status as an asset, it still prohibits Chinese people from using cryptocurrency as a means of payment and anonymous deposits to digital wallets.

In addition, Putin also called at the meeting that Russia must adopt the "digital ruble" more widely and comprehensively in economic activities, financial fields and other levels.

Russia officially established the status of the "digital ruble" as legal tender in July last year, paving the way for Russia's central bank digital currency (CBDC) and authorizing the Russian Central Bank to launch the first CBDC pilot for consumers starting from August 1 Experiment plan.

Putin revealed that the "digital ruble" has processed more than 30,000 transactions during the pilot phase, of which more than 7,000 transactions were retail payments. It is reported that the "digital ruble" has not yet been used in international trade.

In order to punish Russia for continuing to launch an illegal war against Ukraine, the EU has "comprehensive ban" on "providing any cryptocurrency services" to Russian individuals or institutions and other entities in October 2022, including banning all crypto asset wallets, accounts or Escrow service regardless of the amount in the wallet.

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