coinspress.com
Russia has been actively shaping its approach to cryptocurrency within the country.
In April, Russia’s Finance Minister Anton Siluanov discussed a new payment system that would incorporate cryptocurrencies.
A recent report from Izvestiya, a Russian media outlet, reveals that the authorities have decided against creating a cryptocurrency exchange. Instead, they are focusing on establishing a framework for the operation and establishment of crypto exchanges.
Anatoly Aksakov, the head of the State Duma committee on the financial market, expressed the view that well-defined rules for crypto exchanges would be more beneficial than a single national exchange.
The intention is to utilize these crypto exchanges for cross-border settlements, enabling compliance with regulations while circumventing sanctions. Aksakov emphasized that the central bank would oversee these exchanges, and the regulations would be included in the draft law on experimental legal regimes.
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Ivan Chebeskov, the director of the financial policy department at the Ministry of Finance of the Russian Federation, clarified that the ministry did not endorse the creation of a single national crypto-exchange.
Instead, they proposed considering legal regulations that would enable businesses to establish such platforms. The department also advocates for comprehensive regulation of cryptocurrencies.