At the end of the summer, the Russian Ministry for Finance has announced the Financial Literacy Strategy 2017-2023 which aims at educating the population. One of the most important aspects of this strategy is the introduction of cryptocurrency which is also supported by the National Bank. Up to this point cryptocurrencies are not allowed for trading in Russia, however their creation through blockchain technology is possible. Our lawyers in Russia can assist investors who want to create fintech companies in this country.
The strategy which aims at educating Russian citizens, including children, was prepared as a joint project with the World Bank and will be implemented in two separate phases. The first one will take place between 2017 and 2019, while the second one will span between 2020 and 2023.
The topics to be studied, or better said understood by the population also relate to cryptocurrency. This has opened the door to investments which can be made in financial instruments such as digital money, however, this subject will be debated towards the end of the project. Until then, the Russian Central Bank has taken the opportunity to propose the creation of a national digital currency.
Our Russian lawyers can explain the legislation related to financial technology.
Central Bank representatives say that having a national digital currency will help the Russian economy. Considering the population is becoming more and more aware of the existence of digital money and the fact that some of them already use it seems a good moment for the authorities to think about regulating it.
Aside from these reasons, digital money could mean stimulating electronic and cross-border payments. Also, electronic wallets are already common among Russian young individuals who pay for various services this way.
The first report on the creation of a “cryptoruble”, as it is called, should come out at the beginning of November.
Foreign investors who want to start a business in the financial technology sector are invited to contact our law firm in Russia for legal support.
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