INTRODUCTION:
Patrick of Coincu News informs us that despite President Vladimir Putin’s desire that his administration and the Bank of Russia adopt a single legal framework for crypto assets instead of outright bans, no agreement has been reached.
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The first phase of testing for Russia’s central bank digital currency (CBDC), sometimes known as the “digital ruble,” has been completed, according to the Central Bank of Russia.
The Bank of Russia announced on Tuesday that CBDC testing has begun, with the first digital ruble transactions between people actually taking place.
The digital ruble has already been implemented by three of the twelve banking businesses participating in the Bank of Russia’s CBDC pilot program. They even carried out a “complete cycle of digital currency transfers between clients using mobile banking applications,” according to two of them.
Clients must first open wallets on the CBDC network using mobile applications, as well as convert their non-cash fiat money into the digital ruble, before transferring tokens to other consumers.
The second phase will include testing digital ruble payments for products and services, as well as smart contract installations and collaboration with the Federal Treasury.
The news comes amid claims that the Bank of Russia actively rejected the Finance Ministry’s proposal for crypto-friendly legislation, which was presented on February 8.
The governor of the Bank of Russia, Elvira Nabiullina, stated in a news conference on Friday that the authority would continue to prevent cryptocurrency adoption in Russia by whatever means necessary, saying:
“We will spare no effort to convince the government and go into more detail about our arguments because we see significant risks. I’m counting on common sense here.”
While the Russian government continues to create a regulatory framework for digital assets, a state body has offered another recommendation for the crypto mining industry.
According to Izvestia, a local news outlet, Russia’s Ministry of Economic Development has accepted the idea of crypto mining regulation in the nation, proposing to allow mining activities in regions with “sustainable surplus in electricity generation.”
As part of the proposal, the ministry recommended cheaper prices for constructing mining farms and data centers in specific Russian areas, as well as lower energy rates for such facilities.
The government also aims to enforce a power consumption restriction on each mining operation, allegedly proposing higher energy prices in return for increased energy investment.
