russian Lawmakers have drawn up a plan that could see the country create a state-run crypto exchange.
To VedomostiMembers of the State Duma, Russia’s parliament, have “started developing a draft amendment” that includes “creating a national crypto exchange in Russia”.
The media outlet, citing a “source close to the State Duma”, claimed that talks about the exchange have been ongoing since “mid-November”. Sources claimed the lawmakers held “discussions” with “market participants” – likely players in the Russian crypto industry.
One of the MPs – a member of the Duma’s Economic Policy Committee – confirmed that the draft amendment had been discussed.
Vedomosti quoted parliamentarian Sergei Altukhov, a member of the ruling United Russia party, as saying:
“It doesn’t make sense to say that cryptocurrencies don’t exist. But the problem is [crypto] Circulates in a large stream outside government regulation. This represents billions of rubles of lost budget revenue – in the form of undeclared income. ,
But significant hurdles could slow the proposal’s progress. Vedomosti’s sources admitted that neither the Ministry of Finance nor the Central Bank took part in the meetings.
Instead, MPs are expected to compile their proposals into a document and “submit them for discussion” to both the government and the Central Bank.
Why would Russian lawmakers want to create a ‘national’ crypto exchange?
International sanctions have hit Russian business firms hard. But some companies are experimenting with crypto-powered transactions, allowing merchants to bypass banks and the SWIFT messaging system.
However, the biggest wrinkle involved is the position of the Central Bank. regulator has taken A Strongly Anti-Crypto Stance and strongly refutes the idea of allowing crypto “into the Russian economy”.
But the plan to “create a national crypto exchange” would allow trading firms to make and receive payments from “foreign partners” without “restrictions”. Lawmakers envision the exchange as a facilitator for companies trying to supply domestic customers with imported goods.
The idea of launching an “official” crypto exchange in Russia is not exactly new. MPs discussed Moscow Exchange to be allowed to run a crypto trading platform in June,
Bitcoin Crypto Related Post