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

September 15, 2022

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According to a senior member of the Russian parliament, foreigners will be able to buy the future Russian digital ruble through anonymous entry points. This idea in Moscow aims to protect these investors against Western sanctions. Volodymyr Kudan, head of the Duma Industrial Committee, said his telegraph channel on Tuesday, that the risk of entering economic sanctions for foreign investors to be anonymous.

In his position, the State Duma deputy supported the legalization of cryptocurrency mining in Russia. He believes that this industry should be anchored in energy-rich regions of the country that provide cheap electricity. At the same time, Volodymyr Kutyenev did not recommend receiving preferential remuneration from the miners. A senior deputy of the lower house of the Russian parliament emphasized: “Civilized mining and thinking about the use of digital currencies will create new opportunities for the financial, economic and technological sectors.” Russia is preparing to fully regulate its crypto space this year, and the State Duma is expected to consider a new “digital currency” bill at its fall session. One of the interesting points is the possibility of using digital currencies to bypass financial restrictions introduced after Moscow’s military invasion of Ukraine.

Starting of September, the Ministry of Finance and the Bank of Russia agreed that cross-border payments in digital currencies cannot be discarded. Despite their agreement, the monetary authority emphasized that this was not an agreement to legalize cryptocurrency as a means of payment inside country and promised to continue promoting its digital currency. As another option for cross-border settlements, stablecoins are offered. Despite the fact that the digital ruble is not backed by any asset, a June report by the research institute VEB.RF suggested launching a stablecoin called a “golden ruble” backed by Russian gold reserves. Settlements for foreign trade and convertible into other currencies during exchange.

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