Russia is a beautiful country with fantastic people, which is currently in a bad position for its recent war actions on Ukraine.
Russia has plans to regulate blockchain and digital asset usage across the country as its Central Bank has reportedly been examining the integration of blockchain technology in a public consultation report on November 7th.
According to numerous Russian speakers that properly understand the report, the Central Bank of Russia stated that the country “has created the necessary legal framework for the issuance and circulation of digital assets […] But so far, the market is at the initial stage of its development […] and is many times inferior to the market of traditional financial instruments. Its further development requires improved regulation.“
The country views blockchain as a way to open up its domestic market to foreign users and holders of digital assets (NFTs). Additionally, Russia is planning to strengthen the rules and regulate digital assets in order to create a better and more secure environment for people in the industry.
On the other hand, the Central Bank of Russia is also heavily considering regulating smart contracts. There is also a need to provide a framework for allowing digital assets issued abroad to the Russian market, but only those who comply with the quality requirements.