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Russia May Launch National Crypto Exchange: Report

Russia May Launch National Crypto Exchange: Report

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According to reports, Russian lawmakers are working to design a framework in which they plan to get regulatory approval to establish a national crypto exchange.

In the last couple of years, it has been seen that Russian government agencies have not supported each other in the movement or banning of cryptocurrencies in Russia. But the Russia vs Ukraine conflict served as a game-changing point where Russian government agencies are being pressured to create a very limited regulatory framework to ensure the adoption of cryptocurrencies while at the same time safeguarding Russia’s financial stability from the crypto-economy. in the field.

According to local media, Russia’s parliament – the State Duma – has started working on a bill that could help create a “national crypto exchange”. But still everything is in the development zone and it still requires approval from financial institutions and also from the Central Bank of Russia, the country’s central bank.

Sergei Altuhov, a member of the State Duma’s Economic Policy Committee, confirmed that such reports are true and also said that government agencies are considering world-leading adoption of crypto, but the big problem is the unclear regulatory policy.

“There is no point in denying the existence of cryptocurrencies, the problem is that they circulate in a large stream outside of state regulation. These are billions of tax rubles in lost tax revenue to the federal budget,” Altuhov said.

Earlier this year, State Duma head Anatoly Aksakov also hinted that Russia might introduce a national digital asset trading platform more likely to meet the standards of the Moscow Stock Exchange.

So here it can be said that the development of a “National Russian Crypto Exchange” is in a state of discussion and legal approval can play a significant role in bringing a true national digital exchange where citizens will get highly regulatory based crypto trading services that are more likely to trade stocks.

Also read: ApeCoin suspends staking in Canada and the US

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