Russia Plans to Add Cryptocurrencies to the Population’s Financial Literacy Strategy

Russia’s Ministry of Finance has proposed the inclusion of digital currency to the country’s financial literacy strategy for 2017-2023. The strategy was jointly developed by the government and the World Bank. The program will be implemented in two phases, one in 2017-2019 and the other in 2020-2023, with the Finance Ministry overseeing their implementations.

This plan would focus on teaching younger students about cryptocurrencies at school, so they can be better prepared for the future. Recently, news.Bitcoin.com reported on five top educational establishments incorporating cryptocurrency into their traditional banking and finance courses. Moscow State University, Higher School of Economics, St. Petersburg State University of Economics are among them.

In the strategy to increase the financial literacy of Russians, it is necessary to include the topic of cryptocurrency. The question of investing in instruments such as cryptocurrencies will, of course, be discussed, and we now see more risks than recommendations on investing in such instruments. So, explaining the possible consequences of investing in unregulated instruments will be one of the issues with which we will speak for the current year and until 2023.

As of now, cryptocurrencies are not legally regulated yet in Russia. Although the National Settlement Depository (NSD) of the Moscow Stock Exchange is working on building the infrastructure to allow for bitcoin and other digital currency trading on the exchange someday, Russia’s central bankers still think it’s a bad idea.

“Crypto-currencies are issued by an unlimited circle of anonymous entities. Due to the anonymous nature of the issuance of crypto-currency, citizens and legal entities can be involved in illegal activities, including legalization (laundering) of proceeds from crime and financing of terrorism,”

 

“Given the high risks of circulation and use of crypto-currency, the Bank of Russia considers it premature to admit crypto-currencies, as well as any financial instruments nominated or associated with crypto-currencies, to circulation and use at organized trades and in clearing and settlement infrastructure on the territory of the Russian Federation for servicing transactions with crypto-currencies and derivative financial instruments on them.

I think this could go either way. Russia is divided on what they should do about cryptocurrencies. On the one hand, the Bank of Russia is against them, and on the other hand, the ministry of finance wants to add cryptocurrencies into school curriculum. Do you think it’s a good idea to do this? Let us know in the comment box below!

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