Weekly News Review

🇷🇺 Russia is far from being the last country in the world in terms of the development of the digital economy, and quite active digitalization is taking place in the public sector. Earlier the state structures were aimed mainly at hardware: the construction of data centers, the purchase of equipment but since about 2009 the situation has changed towards a real digital transformation. There were such interesting projects as “Information Society”, “Electronic Government”, and later this led to the creation of the national program “Digital Economy”. It is the program within which DecimalChain received the award “The best solution for the digital economy on the distributed ledger technology”.

The detailed material about the award, participants and a video review of the ceremony will soon be published in our social media, but for now let’s see what issues are on the agenda of our state in relation to cryptocurrencies and blockchain.

🇷🇺 In its new report, the Bank of Russia paid a lot of attention to trends in investing in digital currencies. It turns out that Russian users are among the most active participants in the digital currency market and make transactions worth $5 billion a year.

The regulator is engaged in the crypto market very tightly realizing that the new settlement system can create “quite significant erosion for the tax base”.

The head of the Federal Tax Service also stated that almost all participants in the crypto space leave traces, and their identification is only a matter of time, although as for the “digital footprint” — this is a separate topic for conversation, which in general does not matter given that we will be happy to pay taxes as soon as we understand how to do it following the regulator`s decision.

🏦 The Ministry of Finance of the Russian Federation associates the emergence of the digital ruble with significant changes in the banking sector, and this is what may open up new opportunities for banks. The regulator also stated that to some extent it will be a replacement for current cash. According to the strategy for the development of the Russian financial market for the period until 2030, the launch of the digital ruble, the third form of money, will be one of the key projects in the field of digitalization.

Have a great weekend and only positive news!