Russian lawmakers aim to launch a national cryptocurrency exchange, supported by the country’s Ministry of Finance and the Central Bank of Russia, according to a local media report.
See related article: Ukraine seizes funds from crypto wallet funding Russian forces
Fast facts
- Members of the lower chamber of the Russian parliament – the Duma – have been drafting amendments to the country’s cryptocurrency legislation, which will establish the groundwork for a national crypto exchange, a source close to the matter told local media outlet Vedomosti.
- The amendments will first be presented to the Russian government and the central bank.
- Sergey Altukhov, a member of the Committee on Economic Policy, told Vedomosti that conditions for the legalization of cryptocurrency are necessary to “adjust the rules of the game,” so they do not contradict the position of the central bank and the government.
- In June, the head of Duma’s Committee on Financial Market, Anatoly Aksakov, proposed the launch of a national crypto exchange within the Moscow Exchange.
- In response, the Moscow Exchange drafted a bill in September on behalf of the central bank to allow the trading of digital assets in the country.
- Cryptocurrencies have been increasingly crucial for Russian citizens in circumventing Western sanctions since the start of the nation’s invasion of Ukraine.
See related article: Is cryptocurrency a workaround for sanctions against Russia?