Russia Wants a National Crypto Exchange

According to media reports, Russia plans to build a national crypto exchange.

According to media reports, Russia plans to build a national crypto exchange. The Duma (government) has already begun drafting a decree for a Russian crypto exchange, they say. The Central Bank of Russia is also involved in this.

The necessary amendments to the law on "digital financial assets" had already been discussed by deputies in mid-November. Initially, no representatives from the Ministry of Finance or the Central Bank, the sector’s regulators, were present at the meeting. The plans had to be worked out before they could be presented to the government and the Bank of Russia.

"There’s no point saying cryptocurrencies don’t exist, but the problem is they circulate in large quantities outside state regulation," says Sergei Altukhov, a member of the Economic Policy Committee. "This amounts to billions of rubles in budget revenue in the form of taxes."

According to Altukhov, it’s necessary to "create conditions for the legalization of cryptocurrencies".