{"id":14783,"date":"2022-11-24T14:55:35","date_gmt":"2022-11-24T14:55:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/russia-prepares-to-create-government-controlled-crypto-exchange-exchanges-bitcoin-news\/"},"modified":"2022-11-24T14:55:35","modified_gmt":"2022-11-24T14:55:35","slug":"russia-prepares-to-create-government-controlled-crypto-exchange-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/russia-prepares-to-create-government-controlled-crypto-exchange-exchanges-bitcoin-news\/","title":{"rendered":"Russia Prepares to Create Government-Controlled Crypto Exchange \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

Lawmakers in Russia are drafting legislation that would allow the establishment of a \u201cnational cryptocurrency exchange,\u201d local media unveiled. Coins now circulate outside of government oversight and the Russian state is losing budget revenues in the billions of rubles, pointed out one of the participants in these efforts. <\/strong><\/p>\n

Legislators Want Russia to Have Its Own Cryptocurrency Exchange<\/h2>\n

Members of the State Duma, the lower house of Russia\u2019s parliament, are working on a legal framework that will enable the authorities in Moscow to set up a Russian crypto exchange. The deputies have discussed the initiative with representatives of the industry in mid-November, the leading Russian business daily Vedomosti reported, citing two informed sources.<\/p>\n

The lawmakers plan to prepare a draft taking into account the opinions of the market participants and then submit it to the government and the Central Bank of Russia, the publication revealed. Representatives of the monetary authority and the Ministry of Finance were not present at the meeting, the sources noted.<\/p>\n

The plan is to introduce the necessary amendments to the country\u2019s law \u201cOn Digital Financial Assets,\u201d which went into force in January of 2021. It\u2019s still the main piece of legislation regulating the country\u2019s crypto space, although only partially.<\/p>\n

Other changes proposed<\/a> last week aim to legalize mining, while banning the circulation, exchange, and non-targeted advertising of cryptocurrencies in Russia, with the exception special \u201cexperimental legal regimes\u201d allowing their use in payments for imports.<\/p>\n

The news that work is already underway to create the legal basis for a Russian crypto exchange was confirmed to Vedomosti by Sergey Altukhov, member of the parliamentary Economic Policy Committee from the ruling United Russia party. Commenting on the matter, the lawmaker insisted:<\/p>\n

\n

It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate largely outside of government regulation.<\/p>\n<\/blockquote>\n

According to Altukhov, it all comes down to billions of rubles in lost budget revenue from taxes that the Russian Federation could collect. He emphasized that it\u2019s necessary to create the conditions for the legalization of cryptocurrencies and adjust the \u201crules of the game\u201d so that they don\u2019t contradict the positions of the executive power and the central bank.<\/p>\n

One of the sources also remarked that the future exchange is not viewed as a platform that will be facilitating the spread of cryptocurrencies or their use as a means of payment in Russia, but rather as place where Russians will be able to declare and convert their digital holdings into fiat. In his opinion, at least one such website should be set up under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from storing data abroad.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
amendments<\/a>, Crypto<\/a>, crypto exchange<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, deputies<\/a>, DFAs<\/a>, Digital Assets<\/a>, digital financial assets<\/a>, draft<\/a>, Exchange<\/a>, Law<\/a>, lawmakers<\/a>, Legislation<\/a>, parliament<\/a>, proposal<\/a>, Regulations<\/a>, restrictions<\/a>, Russia<\/a>, russian<\/a>, Sanctions<\/a>, State Duma<\/a><\/div>\n<\/div>\n

Do you think Russia will be able to establish its own cryptocurrency exchange? Tell us in the comments section below. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n