Russian parliamentarians are working on an amendment bill that would allow the country to launch a nationwide cryptocurrency exchange, local media Vedomosti report November 23rd.
An unnamed participant in the discussion revealed that lawmakers are in contact with market stakeholders about necessary amendments to the country’s crypto regulations. Legislators want a draft that considers the positions of market players before submitting it to higher authorities, according to the report.
The draft is subject to approval by the Central Bank of Russia together with the country’s Ministry of Finance.
With this plan, Russia aims to bring cryptocurrencies under state control. Sergei Artukhov, member of the Economic Policy Committee, said:
“It doesn’t make sense to say that cryptocurrencies don’t exist, but the problem is that they are circulating in large streams outside of national regulation.”
Artukov added that it is necessary to legalize cryptocurrencies in the country and create conditions for “regulating the rules of the game.”
In July, Chairman of the Duma Financial Markets Committee Anatoly Aksakov said: alluded to Russia could create a national cryptocurrency exchange that will be part of the Moscow Exchange.
Recently, the Russian government has been pushing bills in favor of several cryptocurrencies to circumvent sanctions imposed by Western superpowers.
In September, Russia’s financial regulator agreed to allow the use of cryptocurrencies for international payments. Apart from that, Specification It legalized crypto mining activities and the sale of such mined cryptocurrencies was introduced in the House of Representatives.
