Russia wants to bring cryptocurrency under state control with this plan.
A draft of an amendment bill that would allow Russia to launch a national cryptocurrency exchange is currently being worked on by lawmakers. According to a source close to the State Duma – the lower chamber of the Russian parliament – and later confirmed by a participant in the meetings, lawmakers and market participants held meetings in mid-November to discuss what changes would be required to the law to enable the creation of a national exchange for cryptocurrencies, as reported by a local media outlet. The Russian government and central bank will be the first recipients of the amendments.
"It makes no sense to say that cryptocurrencies do not exist, but the problem is that it circulates in a large flow outside of state regulation," said Sergei Altukhov, a member of the Committee on Economic Policy. Althukov went on to say that the country needed to establish conditions that would "regulate the rules of the game" and make cryptocurrency use legal.
Vedomosti, a Russian media outlet, reported that legislators want a draft document that takes into account the position of market players before submitting it to higher authorities. Russia wants to bring cryptocurrencies under state control with this plan. In anticipation, the Russian government has spent months planning and establishing legal requirements for international cryptocurrency transactions. The Russian government, on the other hand, has advocated for the digital ruble over private cryptocurrencies.
Russia's use of digital assets will be regulated by the new draft framework. In light of the country's cash shortage, direct exchanges were said to be taking place on the streets of Russia last month. Despite EU efforts to restrict Russian access to cryptocurrencies, it turns out that stable coins continue to be a viable alternative for many. People in Russia are interested in the new financial tool, and exchange offices where digital asset transactions can be done have opened up on the streets of Russian cities. Due to restrictions on bank withdrawals, citizens have turned to other means of meeting demand.
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