Aksakov told why digitalization ...

Aksakov told why digitalization of the economy is beneficial for banks

  • Key benefits of tokenization of the economy named in Russia

  • Banks can avoid international isolation

  • The potential of the digital economy may have permissive implications

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Russian banks will be able to avoid isolation in the international arena with proper regulation of the digital asset market, noted Anatoly Aksakov

Aksakov told why digitalization ...

Proper regulation of the digital financial assets (DFA) market will open new doors for many domestic banks. This opinion was expressed in an interview with Press Line by the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov.

According to Aksakov, in the near future a bill on regulating the circulation of digital assets will be submitted to the State Duma.

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So far, the bill provides for the possibility of exchanging the CFA for the same assets outside Russia. At the same time, the head of the Committee stressed that we are only talking about assets that have “some kind of collateral and behind which the obliged person stands”.

Reserve parachute

As an example, Aksakov cited the tokenization of Norilsk Nickel. Nickel-backed tokens could be sold for CFA, backed by dollar in financial institutions, or some other asset, Anatoly Aksakov said.

“Thus, a parallel system of economic turnover begins to unfold, let’s say, banks participate in this process only indirectly,” said Aksakov.

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The Chairman of the Committee also referred to the benefits of the digitalization of the economy for Russian banks, stating that the risks of disconnection from international payment systems were reduced:

Aksakov told why digitalization ...

“In essence, a legal environment is being created for the emergence of a new system of economic turnover”.

What liability lawmakers are developing for the illegal use of cryptocurrencies remains unknown.

Chaos potential

A radically different opinion was previously expressed by the Internet Ombudsman of Russia Dmitry Marinichev. According to Marinichev, the digital economy is capable of destroying the usual structure of the country’s economic model, as well as wreaking havoc. Awareness of such consequences for the state, according to the Internet ombudsman, is the reason for such a slow transition of the economy to digital.

We will remind, earlier the Ministry of Finance of the Russian Federation proposed to punish a criminal article up to three years in prison for not declaring a cryptocurrency wallet with a turnover of over 1 million rubles per year. Also, the Ministry of Finance of the Russian Federation proposed new amendments to the law “On Digital Financial Assets”, according to which cryptocurrency miners cannot receive remuneration for their activities in cryptocurrencies.

The Russian Association of Cryptocurrencies and Blockchain (RACIB) called the prohibitive initiatives of the Ministry of Finance “absurd”.

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