In the recently published version of the new banking chart of accounts, the Bank of Russia added digital assets, including a digital counterpart of the Russian Ruble.
In the future, financial institutions will be able to provide data regarding operations using these assets.
In the recently published draft of the new banking chart of accounts, the Central Bank of Russia introduced digital assets, including the digital version of the Russian Ruble.
The draft of the updated banking chart of accounts for next year has been issued by the Central Bank of the Russian Federation (CBR). Starting from 2023, Russian lenders will be forced to record new types of transactions, such as digital ruble transfers and operations involving digital financial assets (DFAs).
This year, the monetary authority has been increasing the testing of its new CBDC, with the goal of piloting real-value settlements in early 2023. Moscow is also seeking to regulate decentralized digital currencies.
The current DFA law only applies to coins and tokens with an issuer, while a new measure titled "On Digital Currency" wants to encompass cryptocurrencies. Amid sanctions imposed as a result of the escalating conflict in Ukraine, Russia aims to use both digital Ruble and crypto assets for international settlements.
According to a Russian local media outlet, only one account has been allocated for the digital ruble. However, the banks will have numerous accounts to represent their DFAs in the categories of "Acquired Digital Financial Assets" and "Issued Digital Assets."
Regulators justify the requirement for only one digital ruble account by stating that commercial banks will only process transfers of CBDC funds. The digital ruble will be issued by the Bank of Russia and stored in CBR wallets. Meanwhile, credit institutions will operate as middlemen, offering services to people and businesses such as executing transactions.
COINGABBAR VIEWS: Russia's central bank is actively promoting its digital currency initiative, with over a dozen banks currently participating in the trials of the CBDC platform. The regulator has been advocating its implementation in overseas trade, while other authorities, most notably the finance ministry, aim to make it easier to use cryptocurrencies to avoid Western financial restrictions.
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