The digital ruble will be introduced gradually

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Stebcoins are the most convenient crypto-instruments for foreign economic activity. Their rate is not as volatile as that of the main cryptocurrencies, and they are resistant to sanctions, unlike CDBC. However, their global turnover is approximately an order of magnitude less than the volume of Russian exports, so this instrument cannot be considered universal.

Andrey Mikhailishin suggested simplifying access to Russian digital financial assets for non-residents as much as possible. A whole network of cryptocurrency exchanges is also needed.

Inna Solovyova, Head of the Department for Development and Regulation of the National Payment System of the Bank of Russia, called the digital ruble one of the priority projects that the Central Bank is working on. According to her estimates, the full use of the digital ruble may begin as early as the second or third quarter of 2024, although later dates were previously named.

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As early as 2023, the Bank of belarus cell phone number list Russia (CB) plans to begin piloting settlements with the digital ruble "in real money" between individuals, as well as individuals and enterprises. In 2024, the CB will begin to gradually connect all credit institutions to the digital ruble platform. In 2025, the CB plans to implement the offline mode of the digital ruble.

Chairman of the Board of the Association of Participants in the Electronic Money and Money Transfer Market Viktor Dostov noted that with the help of smart contracts, payment chains can be made untraceable, at least in the short term, which makes cryptocurrencies a tool that is quite resistant to various kinds of restrictions. Viktor Dostov also drew attention to the positive experience of Switzerland, which has advanced further than other countries in regulating cryptocurrencies, Belarus, where a real cryptocurrency offshore has been opened, and Venezuela, which has created a working tool to support export operations.

Deputy Chairperson of the Board of JSC Qiwi Bank Maria Sokolova drew attention to the fact that the text of the bills legalizing the use of cryptocurrencies in Russia does not contain any mention of cross-border payments. Federal Law 259-FZ "On Digital Financial Assets" establishes a direct ban on the use of digital financial assets for foreign economic activity. It is also necessary to establish the procedure for banks to conduct transactions with the funds of clients who conduct transactions with cryptocurrencies, which requires clarification of the Bank of Russia regulation dated 02.03.2012 No. 375-P or clarification from the regulator. It is necessary to define mechanisms for checking cryptocurrencies for connections with criminal activity.

Traditional instruments should not be forgotten either. Maria Sokolova proposed extending the measures to support banks on non-application of liability for failure to comply with Part 39 of Article 15 of Law 161-FZ, which lifted the ban on opening correspondent accounts in foreign currencies.