It’s been just revealed that Russia is dropping the plans for state-run crypto exchange. Check out the latest reports about this below.
Russia drops plans for state-run exchange
According to reports, Russia has abandoned its plans to launch a state-owned cryptocurrency exchange and is now planning to regulate private ones instead.
A recent report by Izvestia states that the proposal to set up a national cryptocurrency exchange in Russia was rejected by the Ministry of Finance, following discussions held in the latter part of last year.
Ivan Chebeskov, director of the financial policy department of the Ministry of Finance of the Russian Federation said the following:
“The Ministry of Finance did not support the establishment of one national crypto-exchange, rather there was an idea to legally regulate the possibility of creating such sites by business.”
Anatoly Aksakov, head of the Russian lower house committee on financial markets, also confirms to Izvestia the new direction.
Aksakov said this:
“The authorities abandoned the idea of creating a national crypto exchange. Instead, most likely, rules will be established for the establishment and operation of such structures.”
Not too long ago, we reported that Russia has been developing its cryptocurrency strategy for some time now. In April, Finance Minister Anton Siluanov introduced a new payment system that includes the use of cryptocurrencies.
According to a report from Izvestiya, a Russian media outlet, the government has decided to cancel its plans to create a cryptocurrency exchange. Instead, their focus is on developing a regulatory framework for the operation and establishment of crypto exchanges. The head of the State, Anatoly Aksakov, is leading this effort.
Anatoly Aksakov, the head of the Duma committee on the financial market, is spearheading an effort to establish well-defined regulations for cryptocurrency exchanges in the country.
Rather than relying on a single national exchange, the focus will be on developing standardized guidelines for all crypto exchanges to follow.
