December 9, 2022

Russia creates a unified national crypto-exchange

Article reading time:
1 min.

Russia creates a unified national crypto-exchange

State Duma deputies are going to introduce new amendments to the law “On Digital Financial Assets”, which are designed to allow trading cryptocurrencies on a state-controlled site.

Sergei Altukhov, a member of the State Duma Committee on Economic Policy, expressed concern about the financial losses that Russia bears:

“It makes no sense to say that cryptocurrencies are notexists, but the problem is that it circulates in a large flow outside of government regulation. These are billions of rubles of lost budget revenues in the form of taxes.”

Altukhov confirmed that a project is being prepared nowlegislative changes to launch a national cryptocurrency trading platform. And he added that it would be necessary to create a legal framework for the use of digital assets, which both the government and the Central Bank would agree to.

According to Altukhov, the Duma is discussing the schemeregulation of cryptocurrencies and “iron concrete arguments for supervisory authorities”. The source of the publication clarified that deputies and business agree that a single crypto exchange will not be a tool for spreading digital currency as a means of payment in the country. The platform will be a variant of an exchange where it will be possible to declare and convert digital currencies.

Last week, a draft was submitted to the State Dumaamendments to the law “On Digital Financial Assets”, which effectively prohibit the circulation of cryptocurrencies in Russia for everyone except miners, who will have to sell cryptocurrencies “through an authorized organization under an experimental legal regime”.