Bank of Russia Adds Digital Assets to Bank Chart of Accounts

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The Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, in the recently released draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data on transactions with these assets.

Russian banks will record digital currencies as assets in their accounting books

The Central Bank of the Russian Federation (CBR) has published the updated draft bank chart of accounts for next year. From 2023, Russian lenders will be required to account for new types of transactions, including flows of digital rubles and transactions with digital financial assets (DFAs).

The monetary authority has extended testing of its new central bank digital currency (CBDC) this year and hopes to pilot real-value settlements in early 2023. decentralized digital currencies.

The current DFA law primarily refers to coins and tokens with an issuer, but a new “On Digital Currency” bill aims to more fully cover cryptocurrencies like bitcoin. Amid sanctions imposed for an escalating war in Ukraine, Russia hopes to use both the digital ruble and crypto assets for international settlements.

A single account has been reserved for the digital ruble while banks will have multiple accounts to reflect their DFAs in the “Acquired Digital Financial Assets” and “Issued Digital Assets” sections, detailed the crypto page of Russian business news portal RBC. .

Regulators explain the need for a single digital ruble account by pointing out that commercial banks will only process CBDC remittances. The digital ruble will be issued by the Bank of Russia and stored in wallets at the CBR, while credit institutions will act as intermediaries providing services to individuals and organizations, such as executing transfers.

Russia’s central bank is actively pursuing its digital currency project with more than a dozen banks now participating in trials of the CBDC platform. The regulator has promoted its implementation in foreign trade while other institutions, including the Ministry of Finance, also want to facilitate the use of cryptocurrencies as a tool to circumvent Western financial restrictions.

Keywords in this story

Account, Accounts, Bank, Bank of Russia, Banks, CBDC, CBR, Central Bank, Chart of Accounts, Crypto, Crypto Assets, Cryptocurrencies, Cryptocurrency, Digital Assets, Digital Currency, Digital Ruble, Payments, Russia, Russian, Regulations

Do you expect Russia to step up its efforts to regulate digital currency payments in the coming months? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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