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Russia to Roll Out a National Cryptocurrency Exchange

Russia to Roll Out a National Cryptocurrency Exchange

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Russian lawmakers are planning to launch a national crypto exchange in an attempt to escape global sanctions.

The Ministry of Finance and the Central Bank of Russia are investigating the possibility of launching a national crypto exchange.

By news report shared by the local news media portal Vedomosti, Members of the Russian parliament “started to develop a proposed amendment,” which also includes “the creation of a national crypto exchange for Russia.”

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A person familiar with the matter revealed it Discussions about launching a national crypto exchange have been going on since “mid-November.” Nevertheless, “a source close to the State Duma” stated that Members of Parliament discussed their plans with “market partners”.

Speaking about crypto, Sergei Altuhov, a member of the Duma’s economic policy committee, stated:

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

In addition, Altuhov believes that it is crucial to create the conditions for the “legalization of cryptocurrencies”.

It has been established that MPs the goal is to compile all its proposals for the launch of a national crypto exchange into a document and “send it for discussion” to the Central Bank of Russia and the government.

It can be assumed that Russia’s goal to establish a national crypto exchange is not a coincidence. After Russia started military actions against Ukraine, many crypto exchanges cut their ties to Ukraine.

In October, after the EU imposed new sanctions against Russia and its citizens, Blockchain.com, Crypto.comand Kraken stopped providing services to Russians.

In addition to everything, Russia at the end of September stated that it seeks to use a central bank digital currency (CBDC) for international trade transfers with China.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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