Russia Abandons Plans for National Cryptocurrency Exchange, Will Regulate Multiple Exchanges Instead
In a surprising shift, the Russian government has announced that it will no longer pursue the creation of a national cryptocurrency exchange. Instead, it plans to establish regulations for multiple crypto exchanges, as reported by a local news site.
Anatoly Aksakov, a member of the Russian parliament, revealed this change of strategy in an interview with Izvestia. According to Aksakov, these exchanges will be utilized for cross-border settlements, potentially even bypassing sanctions restrictions. However, he cautioned that new restrictions may be introduced against these exchanges in the future, emphasizing the importance of compliance with the established rules.
Aksakov further indicated that the regulation of these exchanges would likely fall under the jurisdiction of Russia’s central bank. This development comes shortly after Ksenia Yudaeva, the First Deputy Chairman of the Bank of Russia, acknowledged the potential impact of crypto assets on the Russian economy. While recognizing the need for Russian firms to engage in cross-border settlements using cryptocurrencies, she expressed concerns about the widespread adoption of crypto within the national financial system.
This recent decision marks a significant departure from the initial plan formulated by Russian lawmakers in November of the previous year. At that time, the State Duma had begun developing a draft amendment aimed at creating a national cryptocurrency exchange in Russia, according to Vedomosti, a media outlet. Aksakov himself had advocated for the central bank to establish such an exchange, as reported by Interfax news agency.
It is worth noting that the central bank’s position on cryptocurrencies has evolved over time. Initially, it vehemently opposed their adoption and advocated for a complete ban. However, a statement released last year revealed that the Russian government and the central bank had reached an agreement to regulate cryptocurrencies, including the licensing of crypto firms.
Russian lawmakers have been actively working on crypto regulation, and it is reported that two bills are nearing completion and could be ready for adoption as early as June. This signals the country’s ongoing efforts to establish a clear regulatory framework for the crypto industry in Russia.
