Russia creates a unified national crypto-exchange

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

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

“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 he is now preparingdraft legislation changes to launch a national cryptocurrency trading platform. And he added that it will be necessary to create a legal framework for the use of digital assets, with which both the government and the Central Bank will agree.

According to Altukhov, the Duma is discussing the schemeregulation of cryptocurrencies and “reinforced concrete arguments for supervisory authorities.” The publication’s source clarified that deputies and businesses agree that a single crypto exchange will not be a tool for distributing digital currency as a means of payment throughout the country. The platform will be a version of a trading desk 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 cryptocurrency in Russia for everyone except miners, who will have to sell cryptocurrencies “through an authorized organization within the framework of an experimental legal regime.”