Russian Government Shifts Focus to Crypto Regulations, Abandons National Exchange Plan

The Russian government seem to be finally changing its approach to crypto currency choosing to establish regulations instead of creating a national crypto exchange . We know this thanks to local news interviewing Izvestia Anatoly Aksakov member of the Russian parliament.

Importance of Establishing Regulations for Crypto Exchanges

According to the report these crypto currency exchanges will be used for business’ cross border. Aksakov is stressing the importance of joining to the established rules . In a scenario like this the responsibility of regulating the exchanges would probably fall to the Russia’s central bank .

Concerns Raised About Crypto’s Impact on Russian Economy

Bank of Russia First Vice President Ksenia Yudaeva . She warned that crypto assets have the potential to “infect” the economy as reported by state news agency Interfax . However Yudaeva acknowledged the necessity of Russian companies utilizing cryptocurrencies for cross border settlement operations . She emphasized the need for careful implementation to prevent the widespread integration of crypto within the Russian financial system .

Progress in Regulating the Crypto Sector and Future Outlook

Last November Russian lawmakers launched a strategy and began drafting an amendment proposing the creation of a national crypto exchange according to Vedomosti media . Aksakov had previously urged the central bank to develop such an exchange as reported by Interfax . Despite the central bank’s initial opposition to crypto adoption and its desire for a complete ban within Russia its stance has since softened .

An agreement was reached between the Russian government and the central bank to regulate cryptocurrencies last year . Agreement included the providing of licenses to companies operating in the crypto industry as stated in a press release . Russian lawmakers have been making progress in regulating the sector with two bills expected to pass as early as June .

The shift in Russia’s approach to cryptocurrency exchanges highlights the government’s recognition of the potential benefits of utilizing cryptocurrencies for cross border settlements . By establishing regulations instead of a national crypto exchange Russia aims to ensure compliance while enabling companies to leverage crypto for international transactions . The upcoming bills are expected to provide further clarity and structure to the regulatory framework surrounding cryptocurrencies in Russia .

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