Russia Prepares to Create Government-Controlled Crypto Exchange – Exchanges Bitcoin News

Bitcoin.com

Lawmakers in Russia are drafting legislation that would allow the establishment of a “national cryptocurrency exchange,” local media unveiled. Coins now circulate outside of government oversight and the Russian state is losing budget revenues in the billions of rubles, pointed out one of the participants in these efforts.

Legislators Want Russia to Have Its Own Cryptocurrency Exchange

Members of the State Duma, the lower house of Russia’s parliament, are working on a legal framework that will enable the authorities in Moscow to set up a Russian crypto exchange. The deputies have discussed the initiative with representatives of the industry in mid-November, the leading Russian business daily Vedomosti reported, citing two informed sources.

How To Get Free Crypto  

The lawmakers plan to prepare a draft taking into account the opinions of the market participants and then submit it to the government and the Central Bank of Russia, the publication revealed. Representatives of the monetary authority and the Ministry of Finance were not present at the meeting, the sources noted.

The plan is to introduce the necessary amendments to the country’s law “On Digital Financial Assets,” which went into force in January of 2021. It’s still the main piece of legislation regulating the country’s crypto space, although only partially.

Other changes proposed last week aim to legalize mining, while banning the circulation, exchange, and non-targeted advertising of cryptocurrencies in Russia, with the exception special “experimental legal regimes” allowing their use in payments for imports.

The news that work is already underway to create the legal basis for a Russian crypto exchange was confirmed to Vedomosti by Sergey Altukhov, member of the parliamentary Economic Policy Committee from the ruling United Russia party. Commenting on the matter, the lawmaker insisted:

Coinbase Banner  

It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate largely outside of government regulation.

According to Altukhov, it all comes down to billions of rubles in lost budget revenue from taxes that the Russian Federation could collect. He emphasized that it’s necessary to create the conditions for the legalization of cryptocurrencies and adjust the “rules of the game” so that they don’t contradict the positions of the executive power and the central bank.

One of the sources also remarked that the future exchange is not viewed as a platform that will be facilitating the spread of cryptocurrencies or their use as a means of payment in Russia, but rather as place where Russians will be able to declare and convert their digital holdings into fiat. In his opinion, at least one such website should be set up under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from storing data abroad.

Tags in this story
amendments, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, deputies, DFAs, Digital Assets, digital financial assets, draft, Exchange, Law, lawmakers, Legislation, parliament, proposal, Regulations, restrictions, Russia, russian, Sanctions, State Duma

Do you think Russia will be able to establish its own cryptocurrency exchange? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

FreeBitcoin Banner  

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Lubomir Tassev


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.