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Russian official suggests giving foreigners anonymous entry points to the digital ruble

16-Sep-2022 By: Sudeep Saxena
Russian official sug

Digital Ruble

According to a senior member of the Russian parliament, foreign nationals should be able to purchase Russia's future digital currency through entry points that provide anonymity. Moscow residents have been discussing a plan to shield these investors from Western economic penalties.

A State Duma deputy suggests making anonymous purchases online using rubles to avoid penalties.

In order to lessen the chance of being subject to sanctions, foreign investors should have the option to purchase the Russian central bank's digital currency (CBDC) in an anonymous manner, said Vladimir Gutenev, the chairman of the State Duma Committee on Industry, in a message on his Telegram channel on Tuesday.

The Russian senator also urged that real assets be used to support the digital ruble, which is currently being developed and tested by the Central Bank of Russia and a number of commercial institutions.

The representative for the State Duma also endorsed the legalisation of cryptocurrency mining in Russia. According to him, the industry should be based in the nation's energy-rich regions, which provide inexpensive electrical energy. Vladimir Gutenev opposes giving miners special prices at the same time. The senior member of the lower house of the Russian parliament stressed that civilised mining and deliberate usage of digital currencies will create new prospects for the financial, economic, and technology sectors.

The State Duma is anticipated to consider a new measure "On Digital Currency" during its fall session, and Russia is getting ready to thoroughly regulate its cryptocurrency market this year. The potential for using digital currencies to get over banking restrictions put in place as a result of Moscow's armed invasion of Ukraine is one area of particular concern.

The Bank of Russia and the Ministry of Finance agreed earlier in September that bitcoin cross-border settlements were essential for the nation. Despite their agreement, the monetary authority made clear that the deal would not legalise cryptocurrency as a form of payment within the nation and vowed to keep promoting its own digital currency.

Another choice suggested for cross-border transactions is stablecoins. A report by the VEB.RF Institute for Research and Expertise in June suggested the creation of a stablecoin backed by Russia's gold reserves, dubbed the "golden ruble," which would be used in international trade settlements and convertible to other currencies on an exchange. The digital ruble, however, is not backed by any assets.

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