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Russian Prime Minister Mikhail Mishustin instructed the Ministry of Finance and the Central Bank to finalize the strategy for the development of the Russian financial market until 2030 and submit proposals for the development of the CFA. This was reported by the press service of the Cabinet of Ministers. The Prime Minister pointed out that the document should be finalized taking into account the proposals of the President of the Russian Federation and the current geopolitical situation.
The head of government emphasized that in the conditions of sanctions and restrictions, the Russian financial system requires serious adjustment. It is necessary to create effective mechanisms that can provide the economy with financial resources and support the activities of companies. The use of DFA will contribute to uninterrupted payment for the supply of goods from abroad and for export.
What are the deadlines set by the Prime Minister of the Central Bank and the Ministry of Finance to make proposals for the development of the CFA market
The Prime Minister has set the following deadlines. By December 1, 2022, the Ministry of Finance and the Central Bank must submit their proposals for the development of the CFA market.
By December 15, the agencies must work out the issue of expanding the range of the commodity market and hedging changes in prices for commodity and financial assets. By the same time, it is necessary to develop a system of Russian financial and commodity indicators to replace foreign price indices.
By December 19, the Ministry of Finance, together with the Bank of Russia, Rosfinmonitoring, the Federal Tax Service and the FSB, should develop an agreed position on draft federal laws regulating the issue, organization of the issue and circulation of digital currency in Russia in terms of regulating mining, as well as the use of digital currencies in international settlements.
Other federal authorities will also work on the Prime Minister’s instructions.
Will the departments have time to fulfill the instructions of the Prime Minister by the specified deadlines?
The departments have 2.5 months to submit their proposals to the head of government. Perhaps during this period they will be able to develop, coordinate and present their developments. Otherwise, they will have to complete the work on drafting proposals for the development of the DFA market, mining and the use of the digital ruble in the Russian economy in the first quarter of 2023.
Author: Vadim Gruzdev, Analyst Freedman Club Crypto News
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