Anatoly Aksakov called for delimiting cryptocurrencies in the law on CFA, stablecoins and digital ruble – Bits Media

Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov announced the need to amend the law on CFA, to clarify the concepts of cryptocurrencies, stablecoins and digital ruble.

In his speech at the IX Forum of Financial Innovations FinNext 2021, Aksakov noted, that in the law "On digital financial assets (CFA) and digital currency ”, digital currencies mean cryptocurrencies. However, given, that the Bank of Russia is considering the possibility of issuing a digital ruble, which is also digital currency, It is necessary to introduce distinctions between these assets, Clarifying their concepts. Do not forget about commercial banks and private firms, which can produce stablecoins, focus. Aksakov said, that ordinary cryptocurrencies, Stablecoin and state digital currency should have their definitions, which must be reflected in the legislation.

This will require amendments to the Civil Code of the Russian Federation, Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)», as well as in laws on banking and payment systems. According to Aksakov, The transition of banks to digital currencies will largely depend on the readiness of the regulatory framework of Russia and IT infrastructure. So, Sberbank has already developed a platform for the release of its own Sbercoin stablecoin, provided by the Russian ruble.

At the beginning of the year, Sberbank applied to the Bank of Russia to register this site. Sberbank's application is still under consideration. If the Central Bank of the Russian Federation approves this initiative, then Sberbank will be able to legally make transactions with the Tsf, Using blockchain.

Aksakov called on the government to carefully work out clarifying amendments to the legislation, since the digital ruble is planned to be tested next year. Besides, Recently, Deputy Chairman of the Central Bank of the Russian Federation Alexei Zabotkin said, that by the end of this year it is planned to launch a prototype platform for a digital ruble.