The State Duma, the legislative arm of the Russian government with headquarters located in Moscow has begun making preparations on how to launch a national crypto exchange in Russia.
According to local news media in Russia, the lawmakers discussed plans to make an amendment to the already existing law “On Digital Financial Assets” in the middle of November with market stakeholders also present at the meeting. The report, however, stated that regulators in the blockchain industry like the Ministry of Finance and the Central Bank of Russia were not represented at the meeting.
The launch of the Russian crypto exchange will begin by drafting a document while putting the state of the crypto market into consideration and then presenting the drafted documents to the government and the Bank of Russia for a debate.
The news for the launch of a Russian Crypto exchange comes after lawmaker, Anatoly Aksakov stated that the country is making plans to use its digital currency (digital ruble) which it plans to launch in 2023 in settlements with China in an effort to weaken the financial power of Washington.
The Contribution of Russia to the Digital Ecosystem
The Central Bank Russia is now on the watch for an alternative means of payment since its war in Ukraine has brought about severe sanctions to the country including restrictions on access to global financial markets infrastructure.
The Bank of Russia is therefore considering the idea of legalizing cryptocurrency for the purpose of easing cross-border payments in the near future, a somewhat abrupt change from its pre-war stance on the subject.
A consultation paper titled ‘Digital Assets in Russian Federation was released about the introduction of new tools and services. The use of traditional securities compared to putting crypto regulatory structures in place was also mentioned in the report. Other highlighted topics in the report include the protection of investors and the consideration of digital property rights.
In September, a news report stated that Russian lawmakers have highlighted regions in the country that are suitable for crypto mining.
The lawmakers stated that crypto mining should be permitted in areas with excess electric supply and prohibited in regions experiencing a shortage of electricity. Roman Nekrasov, Co-founder of the ENCRY Foundation hinted that Moscow may experience a ban on crypto mining because it is located in a region that is energy deficient.
