In the face of increasing international financial restrictions, the Central Bank of Russia (CBR) is exploring methods to incorporate <a href="https://www.cryptoknowmics.com/news/di-iorio-launches-new-project-to-expand-access-to-blockchain-technology">blockchain technology</a> and <a href="https://www.cryptoknowmics.com/news/uk-government-amends-finance-regulatory-bill-to-add-new-crypto-rules">crypto assets</a> into its domestic financial system. The CBR <a href="https://www.cbr.ru/Content/Document/File/141991/Consultation_Paper_07112022.pdf" target="_blank" rel="nofollow noopener">issued</a> a public consultation study titled "Digital Assets in Russian Federation" in a Telegram message on November 7th.

It evaluates whether the sanctioned state may allow international <a href="https://www.cryptoknowmics.com/news/bny-mellon-launches-new-digital-asset-custody-platform">digital asset</a> issuers, especially those from friendly nations, access to its home economy. The paper also includes recommendations for reforms in accounting and taxation, safeguards for small investors, regulation of digital assets, and access to digital property connected to smart contracts and tokenization.
<h2>CBR to Work on Digital Ruble</h2>
According to the article, the Central Bank of Russia is currently working on separate research with a significant emphasis on the digital ruble- a central bank digital currency that the CBR has announced will launch in 2023. The prospect of tokenized off-chain assets was also seen favorably by the Central Bank of Russia. The bank highlighted that regulations would have to be put in place to guarantee that there is a legal relationship between the token holder and the token itself.

Central Bank of Russia (CBR) Studies Role of Crypto in Financial Sector

The Central Bank of Russia (CBR) is exploring methods to incorporate blockchain technology and crypto assets into its domestic financial system.

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Central Bank of Russia (CBR) Studies Role of Crypto in Financial Sector

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