Russia is the latest country that has asked its government officials to report their cryptocurrency holdings officially. Russian President Vladimir Putin has signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, local news agency TASS reported on December 10. Officially released on Thursday, the law stipulates new measures related to Russia’s federal crypto law “On Digital and Financial Assets,” or DFA.
The law requires officials to disclose data like the name of the digital asset.
The law requires Russian officials to disclose data like the name of the cryptocurrency, the date of acquisition, the total amount of held assets, as well as information about the issuer of an asset like the country of registration. Declarations must include information about cryptocurrency and tokens belonging to officials as well as their spouses and minor children. The disclosure process starts on January 1, 2021, the decree reads. The local crypto community believes that the new regulatory initiative will have a positive effect on the Russian crypto ecosystem.
Russian central bank discusses digital ruble with commercial banks’ executives.
As reported earlier, the central bank of Russia recently met with some of the country’s commercial banks to discuss the proposed digital ruble. The discussions centered on the regulator’s role in digital ruble issuance, whether it would replace or supplement paper cash, and the need to protect banks against an outflow of liquidity. Olga Skorobogatova, the Bank of Russia’s deputy chair, met with the country’s top banks’ representatives to discuss the digital ruble. The meeting was the regulator’s way of collecting early feedback from the industry. Central banks across countries are actively working on national digital currencies.