Russian Lawmakers Plan to Stop National Cryptocurrency Exchange

Russian lawmakers are working on a draft amendment bill that would allow the country to launch a national crypto exchange. As reported by a local news source, lawmakers and market participants held meetings in mid-November to discuss what changes to the law would be needed to establish a national exchange of cryptocurrencies, according to a source close to the State Duma. .- the lower chamber of the Russian parliament, and the information was confirmed later by a person who participated in the meetings. The amendments will be presented first to the Russian government and central bank.

In accordance with a report by the Russian news agency Vedomosti, legislators want a draft document that takes into account the position of market players before sending it to higher authorities. With this plan, Russia wants to bring cryptocurrencies under state control.

A member of the Economic Policy Committee, Sergey Altukhov, said, “It is absurd to say that crypto-currency does not exist, but the problem is that it circulates in a large flow without state regulation.” Althukov added that there is a need to create conditions that will legalize cryptocurrency in the country and “regulate the rules of the game.”

The Russian government has been planning and developing legal specifications for international cryptocurrency transactions for months. However, the government of the Russian Federation itself has been demanding a digital ruble over cryptocurrencies.

With the new draft framework, legal regulations will oversee the use of digital assets in Russia. Reports last month claimed that exchanges were taking place on the streets of Russia to convert crypto to fiat amid a cash shortage.

It turns out that stablecoins, despite the EU’s efforts to limit Russia’s access to cryptocurrencies, because many remain a substitute for real money. Russian citizens are showing interest in the new financial instrument and, exchange offices have appeared on the streets of Russian cities where transactions using digital assets can be made.

With restrictions imposed on bank withdrawals, residents have resorted to other means to meet the demand.