Russia Has Scrapped Plans For A National Cryptocurrency Exchange

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The government in Russia is no longer planning on launching a regulated exchange for a nationalized cryptocurrency but is rather planning on regulating the multiple crypto trading platforms that exist in the country.

After bringing in a plan to create a national crypto exchange in November 2022, the lawmakers in the country have finally abandoned this idea, according to Anatoly Aksakov, the State Duma member. As reported previously, the local government has also considered the launch of a unified crypto exchange as part of the Moscow Exchange. Now, rather than creating a unified crypto exchange, the country wants to develop rules for managing such platforms, as mentioned by Aksakov, reported by Izvestia, the local news agency, on the 29th of May. 

Russia Is Not Too Keen On Creating Another Crypto Exchange

The Ministry of Finance in the country also reported that they didn’t support the plan for another crypto exchange. Aksakov, who leads the financial markets committee in the Duma, noted that the crypto exchanges will allow businesses in Russia to process transactions across the border. The crypto exchanges will also be enabling the local firms to avoid the sanctions, which would likely trigger restrictions against such platforms. In response to such restrictions, the country will continue to create new organizations and crypto platforms, and the main idea would be to regulate the entire process. 

The central bank in Russia could be the main regulatory authority that would supervise the cryptocurrency exchanges, as suggested by Aksakov. He noted that the associated regulatory framework will then be a part of the bill on experimental legal regimes. According to Alexey Guznov, the deputy governor of the Bank of Russia, it is too early to talk about the Russian crypto exchanges.