Digital Currency Proposed as Collateral
The Council for the Development of the Digital Economy under the Federation Council has recommended that the Ministry of Justice and the Bank of Russia study the possibility of using digital currency, including stablecoins, as collateral.
The recommendation is contained in a resolution adopted at a meeting of the “Digital Currencies and the Crypto Industry: Regulation and Development” section.
According to Artem Sheykin, deputy chairman of the council and a senator, such a mechanism could expand the range of tools available to secure obligations and make the use of digital currency more straightforward for businesses. Stablecoins used in such transactions should remain within Russia’s legal cryptocurrency framework. The jurisdiction of the issuer also needs to be taken into account, as assets linked to unfriendly states carry risks of being frozen or becoming inaccessible.
The council also proposes developing a methodology for investigating offenses involving digital currencies and establishing accounting rules for them.
