The Russian government, led by Vladimir Putin, would abandon the idea of creating a state-owned cryptocurrency exchange, according to information released by Anatoly Aksakov, a well-known politician in the country.
Russia’s intention to create a cryptocurrency exchange came amid its invasion of Ukraine, as the country began to face international reprisals over its use of the dollar.
As a result, the locals started using cryptocurrencies to get around international sanctions and bans from the Russian government itself. Information from the local IZ portal.
Russia is backing down and likely to abandon plans to launch cryptocurrency exchange
According to information from Anatoly Aksakov, plans to set up a cryptocurrency exchange have gone through the top leadership of the Russian regime, which is looking for ways to circumvent sanctions imposed by the US and NATO countries.
Russian companies associated with key politicians, as well as government agency facilities, are still banned from trading on the international market. Therefore, a full release is now being studied for private cryptocurrency brokers to establish themselves in the country, rather than just a centralized government brokerage.
The politician indicated that the Russian Ministry of Finance supports the idea, as it understands that different companies can better fend off cyber threats and sanctions from abroad than just one platform.
To regulate this promising new market for Russia, the local central bank would have to set exchange rules. As a result, a bill that was due to arrive in the country in the second quarter of 2023 must undergo amendments and is unlikely to go ahead with the government’s new insight.
Focus on international transactions
By regulating cryptocurrency transactions and the operation of exchanges in the country, Russia hopes to return to trading on the international market.
The country is also studying to regulate the mining of bitcoin and other cryptocurrencies as a way to access the international market, avoiding sanctions resulting from the use of the dollar.
Those foreign brokers who want to arrive on Russian territory can submit their approval to the central bank, which will clarify the rules to be followed.
For example, the country expects the new rules to be presented to local and international companies by 2024, making the use of cryptocurrencies commonplace.
It is worth remembering that Ukraine, under fire, also turned to the cryptocurrency market to fight the Russian invasion. The country’s government itself even accepted bitcoin donations, and the population itself has used cryptocurrencies in transactions, attacking banks.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
