In our digest, we took a look at some important crypto industry news over the past week:
- The law on mining: the key to creating a favourable business environment in Russia;
- Nabiullina: It is necessary to improve the liquidity of the CFA market;
- Aksakov calls for rapid regulation of cryptocurrencies and mining in Russia;
- Russian Finance Ministry considers using foreign CFAs for international settlements;
- Moscow introduces digital ruble fare payment;
T-Bank acquires Telegram username for $105,000 as part of rebranding.
Now for more details. Reading time: 9 minutes.
The law on mining: the key to creating a favourable business environment in Russia
Within the framework of the International Economic Forum in St. Petersburg, Valery Seleznev, Deputy Chairman of the State Duma Energy Committee, discussed the prospects for regulating mining in Russia. He emphasised that the adoption of legislation is a key point for creating a “flexible environment” for the cryptocurrency business.
Seleznev specified that immediately after the adoption of the law, the state will be able to establish OKVED codes for mining, taxation norms and other elements of the regulatory framework for the activities of Russian miners. This will make it possible to “get some basis” for the development of the industry.
During the panel discussion “Industrial mining — a strategic direction for international cooperation”, the forum participants considered the regulation of cryptocurrencies, the prospects for their use in international settlements, as well as the introduction of mining into the Russian legal framework.
Seleznev emphasised the importance of keeping abreast of modern technologies, from mining to artificial intelligence. He stated that once the law is passed, the state will be able to create “flexible conditions and preferences” for miners.
Thus, the adoption of legislation on mining becomes an important step towards creating a favourable business environment for working with cryptocurrencies in Russia.And now more details. Reading time: 9 minutes.
Nabiullina: It is necessary to improve the liquidity of the CFA market
Elvira Nabiullina, Governor of the Bank of Russia, noted the need to improve the liquidity of the digital financial assets (DFA) market in Russia. She emphasised that the DFA market is currently fragmented, with most liquidity concentrated on traditional exchanges and brokers.
The Chairman of the Bank of Russia expressed the view that CFAs should be available for purchase through a single window, regardless of the asset issuance platform. In this context, the Bank of Russia is considering allowing broker clients to access CFAs via mobile applications.
A draft law is in the State Duma that would allow brokers and other market participants to delegate to brokers the function of identifying clients dealing with CFAs. This initiative is part of an overall effort to develop the CFA market, which, according to Nabiullina, has significant potential to attract investment and improve the efficiency of the financial system.
However, in order to realise this potential, it is necessary to overcome a number of structural problems and create a reliable legal and technological infrastructure. The Bank of Russia continues to actively cooperate with market participants to create favourable conditions for the growth and development of the CFA market in Russia.
Aksakov calls for rapid regulation of cryptocurrencies and mining in Russia
Anatoly Aksakov, head of the State Duma’s Financial Market Committee, calls for the swift adoption of laws to regulate cryptocurrencies and mining in Russia. He emphasises that the documents are already ready and have been agreed with the Central Bank and the Ministry of Finance, waiting only for the government’s response. If everything goes well, the new laws could come into force as early as the second half of this year.
Aksakov mentions the problem of unregulated mining, which, despite its existence in Russia, can be harmful to some regions. He cites an example from Chuvashia, where local residents complain of power cuts due to overloading of the energy system by miners.
The deputy offered a solution to this problem, saying that the law could specify a requirement to locate mining farms in regions with an excess of energy. It was also reported earlier that a special excise tax on electricity consumption is planned to be introduced for miners in Russia.
Thus, Aksakov actively supports the strengthening of regulatory measures in relation to cryptocurrencies and mining, calling for the rapid adoption of relevant laws.
The Russian Ministry of Finance is considering the use of foreign DFAs for international settlements
Russia’s Finance Ministry is considering the idea of using digital financial assets (DFAs) issued under foreign law in international settlements, according to Deputy Finance Minister Ivan Chebeskov. The development of this initiative came in response to a request from the business community, which wants to use such assets in cross-border payments.
Chebeskov emphasised that Russia’s CFA infrastructure has only just begun its development, while some foreign analogues are already more developed. He also noted that the Russian Finance Ministry is keen to support innovative development and be at the forefront of decentralised finance.
Russian President Vladimir Putin has already signed a law allowing the use of CFAs issued under Russian law in international settlements. As part of this law, the Central Bank has been authorised to set conditions for currency transactions involving digital assets.
Ivan Chebeskov previously expressed confidence that the crypto industry will become an engine of economic development. The initiative under consideration for the use of foreign CFAs is part of this strategy.
Moscow introduces fare payment with a digital ruble
Moscow is preparing to become one of the first cities in the world where passengers will be able to pay fares in public transport using the national digital currency. As it became known, the mayor of Moscow Sergey Sobyanin and the first deputy chairman of the Central Bank of the Russian Federation Olga Skorobogatova signed at the St. Petersburg International Economic Forum a cooperation agreement on the development of the digital ruble platform.
This innovation will be possible after the mass introduction of the digital ruble, the national digital currency (CBDC). Not only travel on all types of transport in the capital, but also payment for parking and other transport services will become available for payment with digital rubles.
The Capital Metro has already been participating in testing the digital ruble since August last year, and a special digital account was opened for transactions on the Bank of Russia’s platform. This is a step forward in the development of the digital economy and will speed up and simplify the process of paying for transport services.
The agreement also provides for the signing of the first smart contract in the Russian Federation for the insurance of urban transport rolling stock. This shows that the digital rouble, in addition to simplifying payments, can bring other benefits in the long term.
The digital ruble will be massively used in Russia between 2025 and 2027. This means that Muscovites and guests of the capital will soon be able to pay for transport fares in a new digital way, which is a significant step in the development of the country’s digital economy.
T-Bank acquires Telegram username for $105,000 as part of its rebranding efforts
T-Bank, formerly known as Tinkoff Bank, has acquired a new username for its Telegram channel as part of its new rebranding. The company changed its name and chose a corresponding username on the Fragment platform.
The deal was done in April when @tbank was acquired for 20,000 TON, which was about $105,000 at the time. This represents a significant increase in value over the 104 TON that the previous owner paid for this username.
As of this writing, T-Bank’s Telegram channel has 289,570 subscribers. The company is planning a gradual brand refresh that will first affect the website and app, and then extend to all legal names, card and ATM designs, and envelope design.
It is important to note that T-Bank, along with 35 other Russian banks, is under US sanctions. However, this does not stop it from making major deals and striving for growth.
Thank you for being with us. Crypto-industry news on Bit.team — always up to date.
Info taken from: https:bit.team/blog/en/cryptonews_en_10_06_2024/
Read more at: https://bit.team/blog
