Russian lawmakers are considering measures to establish a national cryptocurrency exchange as the cryptocurrency industry expands and organizations around the world start to show more interest in cryptocurrencies.
According to reports, the Ministry of Finance and the Central Bank of Russia, which have a protracted history of conflict over cryptocurrency regulations in the nation, both support this initiative.
In line with a recent local report, the State Duma, the lower chamber of the Russian parliament, intends to revise the existing legislation “on digital financial assets” regarding cryptocurrencies to facilitate the creation of a “national crypto exchange in Russia.” The central bank will first be presented with the legislative changes, which would establish a legal framework for a national exchange.
Sergey Altuhov, a member of the Duma’s Committee of Economic Policy, said:
“It makes no sense to say that cryptocurrencies do not exist, but the problem is that it circulates in a large stream outside of government regulation. These are billions of rubles of lost budget revenues in the form of taxes.”
It is worth noting that the idea to establish a national cryptocurrency exchange as a part of the Moscow Exchange was proposed by Anatoly Aksakov, the head of the Duma’s Committee on Financial Markets, in June. In September, the Moscow Exchange developed a measure to permit trading in digital financial assets on behalf of its central bank.
According to the report, representatives from the Ministry of Finance and the central bank did not attend the meeting between the State Duma and market stakeholders. The lower chamber of the parliament intends to draft a document and distribute it to the entities so that they are aware of the proposal and can review their position.
A bill to legalize cryptocurrency mining and the trading of the mined cryptocurrency was also introduced to the state Duma at the start of this month. The proposed legislation would create a Russian cryptocurrency marketplace, but local miners would also be permitted to use global marketplaces.
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