Russia plans to open state-owned cryptocurrency exchange

English Nov 25, 2022

The State Duma began to develop draft amendments to the current law "On Digital Financial Assets" to create a state-owned cryptocurrency exchange in Russia.

“It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a huge flow outside state regulation,” said Sergei Altukhov, a member of the economic policy committee. "That's billions of rubles of budget revenue lost in taxes."

According to an official close to the matter, there is a need for an exchange where crypto and fiat can be converted "in the blink of an eye".

However, the opening of the state-owned exchange does not mean any changes regarding the policy of accepting cryptocurrencies as legal tender in Russia, it will function more as an exchange where digital assets can be declared and converted.

Russia's future crypto platform will be based on the same standards as the Moscow Exchange and should be under careful monitoring by the Central Bank.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.