Russia bets on crypto adoption as digital assets plan bites the dust
Russia’s Finance Ministry official hopes that liquidity from the crypto market will help the local business to overcome sanctions pressure. Digital financial asset s (DFAs), a tokenized form of traditional financial instruments issued by Russian-only companies, appear to have failed to attract significant capital from local investors despite the Bank of Russia’s efforts to position these asset s as a better alternative to crypto . According to Russian finance ministry official Ivan Chebeskov, it is still too early to say that DFAs have raised many investments, even though the first issuance of DFAs was conducted in June 2022. As reported by the Russian state news agency TASS, the ministry is now betting on bringing investors from the crypto market, given this industry allocated enough liquidity to support Russia’s economy. “In our opinion, large investments in the digital financial asset s market will occur when we are able to combine what we call the cry...