Russian Central Bank Sees Fit to Integrate "Digital Assets" Into Financial System

In a recent paper, the Central Bank of Russia (CBR) examined digital assets and discussed potential integrations of the new technology into the country's established financial system.

A 32-page public consultation study titled "Digital Assets in Russian Federation" was released by the central bank of Russia on Monday. It made comparisons between the new technology and the established system and asked for input on how the former may be incorporated into the latter.

The article begins by talking about distributed ledger technology (DLT) and the appearance of "new tools and services," such as smart contracts, "digital (tokenized) assets," central bank digital currencies (CBDCs), cryptocurrencies, and decentralized finance (DeFi) applications (dapps).

Notably, each of them is a different category, and the majority are not included in this particular study. The phrase "digital assets," which it uses to describe tokenized financial products, collateralized stablecoins, and non-fungible tokens, is used to describe its primary area of interest (NFTs). According to the statement, cryptocurrencies and "unsecured (including algorithmic) stablecoins" are not included in the definition of "digital finance."