Russia Prepares to Create Government-Controlled Crypto Exchange – Exchanges Bitcoin News

Lawmakers in Russia are drafting legislation that would allow the establishment of a “national cryptocurrency exchange,” local media revealed. One of the participants in these efforts pointed out that the coins currently circulating outside the supervision of the Russian government and state are losing billions of rubles in revenue.

Lawmakers want Russia to have its own cryptocurrency exchange

Members of the State Duma, the lower house of Russia’s parliament, are working on a regulatory framework that would allow authorities in Moscow to set up a Russian cryptocurrency exchange. Delegates discussed the initiative with industry representatives in mid-November, Russia’s leading business daily Vedomosti reported, citing two sources.

Lawmakers plan to prepare a draft taking into account the opinions of market participants and then submit it to the government and the Central Bank of Russia, the publication revealed. Representatives of the monetary authority and the Ministry of Finance were not present at the meeting, the sources noted.

The plan is to introduce the necessary amendments to the country’s “On Digital Financial Assets” law, which will come into force in January 2021. It remains the main piece of legislation governing the country’s crypto space. country, although only partially.

Other changes offer last week aimed at legalizing mining and banning the circulation, exchange and non-targeted advertising of cryptocurrencies in Russia, with the exception of special “experimental regulatory regimes” that allow the use of cryptocurrencies. use them in import payments.

News that work is underway to create a legal basis for a Russian cryptocurrency exchange was confirmed to Vedomosti by Sergey Altukhov, member of the Parliamentary Economic Policy Committee from the party Russia. Unified rule. Commenting on this issue, the legislator emphasized:

It makes no sense to say that cryptocurrencies don’t exist, but the point is that they circulate largely outside of government regulation.

According to Altukhov, it all stems from billions of rubles in lost revenue from taxes that the Russian Federation can collect. He emphasized that it is necessary to facilitate the legalization of cryptocurrencies and adjust the “rules of the game” so that they do not contradict the views of the executive authorities and the central bank.

One of the sources also commented that the future exchange is not seen as a platform that will facilitate the spread of cryptocurrencies or their use as a means of payment in Russia, but where Russians can declare and digitally transform themselves. hold into fiat. In his opinion, at least one such website should be set up under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from data storage. whether abroad.

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Do you think Russia will be able to set up its own cryptocurrency exchange? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is who I am, more than what I do.” Besides cryptocurrencies, blockchain and fintech, international politics and economics are two other sources of inspiration.

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