The lower house of Russia’s parliament – the State Duma – has reportedly begun work on a bill that could help establish a “national crypto exchange”.
The platform requires approval from the country’s central bank and finance ministry. The Bank of Russia has previously shown its negative attitude towards the digital asset industry.
Russia’s Possible Crypto Movement
According to a recent local report, the State Duma plans to make some changes to the existing “On Digital Financial Assets” law, which could help establish a “National Crypto Exchange in Russia.” Legislators already discussed this initiative with market parties in mid-November.
Sergei Altukhov, a member of the State Duma’s economic policy committee, confirmed the rumors and suggested that the largest country in the landmass should embrace the digital asset sector. However, the main problem facing the industry is the lack of proper regulation, he added:
“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in a huge stream outside of state regulation. This is billions of tax rubles in lost tax revenue for the federal budget.
Anatoly Aksakov — an executive of the State Duma — hinted in June that Russia could introduce a crypto platform based on the Moscow Exchange standards. He also said such trading platforms should only exist if the central bank oversees them carefully.
“And this department, which will work within the framework of a respected organization with great traditions, accustomed to actively cooperating with the Central Bank, will, in my opinion, best cope with the task of conducting operations with cryptocurrencies. “
as crypto potato Moscow Exchange reported in September that the Bank of Russia is drafting a bill that could allow trading of digital financial assets (DFAs).
‘National Crypto Exchange’ needs approval
The reports also revealed that representatives of the Ministry of Finance and the Central Bank were not present at the meeting between the State Duma and market parties.
The House of Representatives wants to draw up a document and send it to the institutions so that they are aware of the idea and can consider their position.
The Ministry of Finance and the Bank of Russia must agree to the creation of the platform to go live. The banking institution has shown its negative attitude towards the digital asset industry on multiple occasions and has even urged the government to impose a complete ban on all cryptocurrency endeavors on Russian soil.
The ministry has not been so hostile, suggesting that enforcement of the rules is better than a Chinese-style ban.
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