Back to international business with Russia. Here it comes... a method to easily bypass the sanctions.
Russia to establish a national cryptocurrency exchangeRussian legislators have been collaborating on creating a national cryptocurrency exchange, a move that was reportedly supported by the Ministry of Finance and the Central Bank of Russia. These government entities have a long history of conflict over crypto legislation in the nation, but have now come together to support the initiative.
According to local media reports, the Duma, or the lower house of the Russian government, has been in talks with market participants about changes to the country’s current cryptocurrency legislation “on digital financial assets.”
The central bank is the first to get a presentation of the revisions, which would establish the legal foundation for a national exchange.
Member of the Duma’s Committee of Economic Policy Sergey Altuhov pointed out that no one can deny the existence of cryptocurrencies in today’s global financial system.
“The problem is they circulate in a vast stream outside of governmental regulation. The federal budget has lost billions of dollars in tax income as a result,” Altuhov said.
Meanwhile, Anatoly Aksakov, the chair of the Duma’s Committee on Financial Market, said back in June that Russia may establish a national cryptocurrency exchange as a member of the Moscow Exchange, “a credible organization with an extensive history.”
The said financial organization made a law in September to permit trading in digital financial assets on behalf of the central bank.
Historically, the nation’s lawmakers have disagreed with the idea of using cryptocurrencies as a payment method. In 2020, the Russian government enacted a law prohibiting its use for payment purposes. The central bank has also been skeptical because it wants to protect the status of the ruble as the only legal tender in Russia. (Related: Russia legalizes cryptocurrencies for cross-border transactions.)
Brighteon.TV
Deputy Minister of Finance Alexei Moiseev emphasized the importance of legalizing and supporting local cryptocurrency platforms now, adding that many Russians rely on foreign platforms to open cryptocurrency wallets which could be a dangerous situation given Western sanctions.
“It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with Anti-Money Laundering [regulations] and Know Your Customer requirements,” Moiseev said.
...
