Russian parliamentarians passed legislation authorizing the establishment of drafting. “National cryptocurrency exchange,” local media revealed. The coin is now circulating without government oversight, costing the Russian government billions of rubles in budget revenue, said one participant in these efforts.
Parliamentarians want Russia to have its own cryptocurrency exchange
Members of the lower house of the Russian parliament allow Moscow authorities Set up a Russian crypto exchange that is working on a legal framework to make Major Russian economic daily Vedmosti reported, citing two sources, that the deputy discussed the initiative with industry representatives in mid-November. It plans to take into account the views of the Russian Federation to prepare a draft and submit it to the government and the Central Bank of Russia, the publication said. Representatives from financial authorities and the Ministry of Finance did not attend the meeting, the sources noted.
The plan is to introduce the necessary amendments to the national law “On Digital Financial Assets” which came into effect in January 2021.
Other changes proposed last week would, with special exceptions, limit the distribution of cryptocurrencies in Russia. It aims to legalize mining while banning , exchanges, and untargeted advertising. Introduced ‘experimental legal systems’ and allowed them to be used to pay for imports.
The news that work to create a legal basis for a Russian cryptocurrency exchange is already underway was confirmed to Bedmosti by Sergei Artukhov, a member of the parliamentary economic policy committee of the ruling United Russia. Commenting on the issue, lawmakers argued:
It makes no sense to say that cryptocurrencies do not exist, but the problem is that they are largely outside government regulation.
According to Artukhov, it all comes down to billions of rubles of budget revenue lost from the taxes the Russian Federation was able to collect. He stressed the need to create conditions for the legalization of currencies and adjust the “rules of the game” so as not to contradict the position of the executive branch and the central bank.
One said that future exchanges are not seen as a platform to promote cryptocurrency adoption or use as a means of payment in Russia, but rather as a place where Russians can use cryptocurrencies. said. Declare and convert digital assets into fiat currency. In his opinion, he should place at least one such website under Russian jurisdiction to prevent potential foreign restrictions and security risks for him due to data storage abroad.
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