The lower house of the Russian parliament is preparing the establishment of a state-run crypto trading platform, local media reported on November 23, 2022.
Indeed, deputies of the Russian parliament have carried out consultations with crypto market players to establish an amendment to the country’s current law on digital assets.
The purpose of this change in Russian legislation is to create a new regulatory framework for domestic cryptocurrency exchanges. Thus, digital assets should be regulated and managed by the state as well as the central bank of Russia.
The existence of one or more crypto platforms supervised by the Russian state should make it possible to more effectively protect citizens and users against the risks linked to the infrastructure, in particular foreign sanctions as well as the risks linked to hacking. assured the deputies.
And for good reason, the most popular foreign crypto platforms like Binance or Coinbase have applied restrictions to Russian wallet holders, in accordance with Western sanctions imposed by Western governments.
Therefore, to move forward, the MEPs as well as the companies consulted believe that it is necessary to create a platform where cryptocurrencies and traditional currencies can be exchanged instantly in Russia.
However, it should be noted that previously in reference to crypto news, the Russian Ministry of Finance had already proposed a bill to create a legal market for digital currencies. Nevertheless, the Central Bank of Russia parried all attempts and opposed legalization on cryptocurrencies.
However, after the start of the war in Ukraine and the imposition of sanctions on Russia, the position of the Russian regulator has softened. Indeed, on November 17, the Russian Central Bank supported a bill on crypto mining.
Also, cryptocurrencies representing an alternative to the usual fund transfers which are largely blocked by Western sanctions, are again on the table of Russian leaders.
It is for this reason that last September, the Russian financial market regulator agreed to authorize the use of cryptocurrencies for international payments.
In this wake, it has also been revealed by Russian media that the Russian government plans to issue a central bank digital currency (CBDC) as the Chinese government has done with the digital Yuan.
Also, the digital ruble should notably be able to be used in the context of bilateral payments with China, with the aim of weakening the international financial system centered on the United States.
Although there is no official statement on this yet, Russia’s desire to create its own cryptocurrency exchange shows that this option is more on the table than ever.
It should be noted, however, that at the moment there are no plans to legalize the use of cryptocurrencies as a means of payment in Russia.
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