The central bank and the Russian government are fully engaged in drafting regulations for digital currencies; it is now a question of when the legislation will be ready, the minister said.
The central bank says it’s fully behind fostering the growth of the digital assets industry, but banks must be cautious in their approach to protect investors.
The Bank for International Settlements also partnered with South African and Malaysian central banks to develop the prototypes for an international settlement platform using multiple digital currencies.
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UnionBank predicts that an average investor in the Philippines will hold 3-5% of his assets in digital currencies in the next five years, up from 1-2% currently.