Aksakov proposes amendments to Russia’s digital assets law

Anatoly Aksakov, head of Russia’s State Duma committee on the financial market, proposed amendments to the law “On Digital Financial Assets.” He announced this at the FinNext 2021 forum, Regnum reports.

Aksakov believes that it is necessary to clarify the concept of digital currencies defined in the law, in connection with the possible issuance of a digital ruble by the Bank of Russia:

“After all, the Bank of Russia’s digital currency is also a digital currency, and we need to ensure that one definition covers cryptocurrencies, and the other — digital currencies backed by fiat money,” he stressed.

The official also noted that banks’ development of infrastructure to work with digital currencies would accelerate their development.

Among the main use cases of digital financial assets for banks, Sberbank’s deputy chairman Anatoly Popov named letters of credit, targeted loans, banking support, and state contracts.

“With functioning tokenization mechanisms, disbursement of payroll funds to employees would occur via smart contracts; today the control is manual,” he added.

Earlier, Aksakov said that in the case of issuing a digital ruble, it would be necessary to enshrine this concept in legislation as a new form of money.

For more on the digital ruble, read ForkLog’s exclusive.

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