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Russian lawmakers seeking to set up state-backed crypto change – Cryptospacey

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Russian lawmakers are involved in drafting an amendment bill that will allow the nation to launch a nationwide crypto reform, Vedomosti reported on November 23.

An unnamed participant in the discussions revealed that lawmakers have been in contact with market stakeholders about desired changes to the country’s crypto laws. Based on the report, lawmakers need a draft document that considers the place of market players earlier than submitting it to higher authorities.

The draft would like to get the approval of the Central Financial Institution of Russia together with the State Ministry of Finance.

With this plan, Russia aims to move cryptocurrencies below state control. Sergei Altukhov, a member of the Economic Protection Committee, mentioned:

“It doesn’t make sense to say that cryptocurrencies don’t exist, but the problem is that they are circulating in large quantities outside of government regulation.”

Althukov added that it is necessary to create situations that will make cryptocurrencies authorized in the country and “regulate the principles of sports.”

Anatoly Aksakov, the head of the Duma’s money market committee, hinted in July that Russia might create a nationwide crypto revolution as part of Moscow’s transformation.

Recently, Russian authorities have promoted several crypto-payments to avoid sanctions imposed on it by Western powers.

In September, Russian monetary policy regulators agreed on the use of cryptocurrencies worldwide. In addition to that, a bill was launched in the Duma that legalizes cryptomining operations and the sale of such mined cryptocurrency.

Posted in: Russia, Exchanges

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