Russian lawmakers are drafting legislation to create a state-backed national crypto exchange. It lacks the approval of the Central Bank of Russia and the country's Ministry of Finance.
Russian lawmakers are working on a bill to create a state crypto exchange.
Seeks to bring cryptocurrencies under state control.
It lacks the approval of bodies such as the Central Bank and the Russian Ministry of Finance.
Russia's evolving stance on crypto
If there were an award for the country with the most contradictions in crypto matters, that would surely go to Russia. This nation has gone through diverse positions, from the prohibition requested multiple times by the Central Bank of Russia to its opening for use in international trade, which the Ministry of Finance is working on. The executive and legislative branches of government also differ from one another.
Now, Russian lawmakers are working on an amendment bill that would allow the country to launch an official national Crypto exchange, i.e., in the hands of the state, as revealed in information extracted from local media.
State-backed Crypto Exchange
According to reports, an unidentified participant in the discussions revealed that lawmakers contacted market stakeholders about necessary amendments to cryptocurrency regulations in the country. The note added that lawmakers were working on a draft document that would consider the position of market stakeholders before submitting it to higher authorities.
The draft would need to get the Central Bank of Russia's approval and the country's Ministry of Finance. With this plan, Russia is seeking to bring cryptocurrencies under state control. A member of the Economic Policy Committee, Sergei Altukhov, told the media:
"It makes no sense to say that cryptocurrencies do not exist, but the problem is that it circulates in a large flow outside of state regulation. This is billions of rubles of lost budget revenue in the form of taxes."
The environment that would legalize crypto in the country and "regulate the rules of the game" must be determined, according to Althukov. This problem is not recent. In July this year, the head of the Duma Financial Markets Committee, Anatoly Aksakov, proposed creating a national crypto exchange integrated into the Moscow Exchange (MOEX).
Also, the Russian government is working on several pro-cryptocurrency bills to circumvent Western sanctions. In September, Russian financial regulators agreed to allow the use of cryptocurrencies for cross-border payments.