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The President approved a list of instructions in the follow-up to the October 10, 2017, meeting on using digital technology in finance.
Under the programme Digital Economy of the Russian Federation, the Government and the Bank of Russia were instructed to amend laws of the Russian Federation on the status of the digital technologies used in the financial sector and their definitions, proceeding from the premise that the ruble is the only legal tender in Russia. The amendments should also address the requirements for blockchain cryptography processes and production (mining); and regulate public fundraising and crypto-currency.
The Bank of Russia and the Government were instructed to present proposals to set up a special regulatory platform (sandbox) within the Bank of Russia to test innovative financial technologies, products and services, as well as create a single payment space for Eurasian Economic Union member countries using new financial technologies, including blockchain.
October 21, 2017