Russia will build a national cryptocurrency exchange to gain control over digital assets
As the cryptocurrency business grows, authorities and organizations throughout the globe are becoming more interested, with Russia taking a step further by proposing the development of a national cryptocurrency trading platform that would bring the asset class under official supervision.
According to a report from a Russian news site on November 23rd, the State Duma, the lower house of Russia’s Federal Assembly, has started drafting laws for the launch of a national cryptocurrency exchange in the country.
Specifically, the rules the Duma members are preparing allude to a draught amendment which will be preceded by the construction of a document taking into consideration the state of the market, following which it will be presented for debate to the government and the Bank of Russia.
Prior to the announcement, the Duma deputies had discussions with market players over the required amendments to the “Digital Financial Assets” legislation. Neither the Ministry of Finance nor the Russian Central Bank was represented during these discussions.
Sergey Altukhov, a member of the Economic Policy Committee, commented on the development as follows:
“It makes no sense to assert that cryptocurrencies do not exist, but the difficulty is that it flows in a big stream outside of official oversight. These are billions of rubles in missed fiscal money in the form of taxes.”
In his view, the national legislative framework has to be adjusted so that digital currencies may be legalized and the “rules of the game” be established in a way that does not go against the stances of the government and the Central Bank.
Earlier in June, the chairman of the Duma’s Committee on Financial Markets, Anatoly Aksakov, hinted at the prospect of developing a Russian national crypto trading platform as part of the Moscow Exchange, which he described as “a reputable institution with a long history.”
Notably, Finbold reported in September that the Bank of Russia, in partnership with the Finance Ministry, was drafting a bill to govern crypto mining, with an emphasis on energy-rich locations where the practice would be permitted.