The Ministry of Economic Development of Moscow has made a number of amendments planned to regulate non-alternative tokens (NFTs) with the aim of amending civil law and “digital financial assets” legislation.
The news comes from a special working group meeting led by the ministry, Bitcoin.com reported Wednesday (July 27), and participants provided the legal definition of NFTs in the discussion. did.
Representatives of the Central Bank of Russia (CBR) and Vkontakte, a Russian social media site, attended and announced that they would like to support blockchain and NFTs on the platform.
However, the Central Bank of Russia is taking a stronger position on cryptocurrencies. The Ministry of Economy should not address issues related to digital token regulation, but instead said these issues should be addressed not only by the Ministry of Finance but also by the World Bank. Regulators oppose legalizing the circulation of cryptocurrencies for payment.
Russian authorities want to expand national regulations on cryptocurrencies as well as tokens. Today, it mainly consists of the “About Digital Financial Assets” Act from January 2021 and introduced the term “Digital Financial Assets”, which partially includes cryptocurrencies.
Earlier this month, PYMNTS wrote that Russian President Vladimir Putin signed a law banning digital payments. A law approved on July 8 prohibits the use of digital securities and tokens to pay for goods and services in Russia.
reference: Putin bans digital payments in Russia
It is provided as an extension of the law prohibiting the use of cryptography for payments. The bill arose from the sharp opposition of Russian financial authorities to digital assets, and the main argument was that national stability could be at stake.
Development began as many Russians actively used cryptography and traded about $ 5 billion each year. There are many crackdowns on cryptocurrencies around the world, and many governments want to release their own versions of digital currencies instead.
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