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Sunday, July 14, 2024

Russia Drops Plans to Launch National Cryptocurrency Exchange


  • The Russian government has dropped plans to launch a national cryptocurrency exchange.
  • The country will establish a regulatory regime for crypto trading platforms.
  • Russian authorities intend to use the country’s cryptocurrency exchanges to facilitate cross-border transactions.
  • The country’s central bank may be tasked with regulating cryptocurrency exchanges.

Russia’s ambitious plan to create a national cryptocurrency exchange has come to an end just six months after it was initially announced. Instead, the government plans to create a regulatory infrastructure to oversee the development and operation of cryptocurrency trading platforms in the country.Authorities aim to reduce risk of further invitations sanctions

At the same time promote competition in the cryptocurrency market.

Russia to use cryptocurrency exchanges for cross-border settlements

according to a report Izvestia, the Russian government dropped plans to create a national cryptocurrency exchange in favor of healthy competition in the market. Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, told Izvestia that the government is now planning to create a regulatory regime to regulate cryptocurrency exchanges in the country. This will allow local businesses to settle cross-border transactions. Chairman Aksakov added that the new program will also help local businesses avoid the sanctions imposed on the country.

Russia’s finance ministry is reportedly working on revised plans to regulate cryptocurrency trading platforms in the country. Ivan Chebeskov, head of the Ministry of Finance’s financial policy department, told Izvestia that the ministry was never enthusiastic about the idea of ​​a national cryptocurrency exchange. The ministry is reportedly in favor of legal regulation of such platforms. The Central Bank of the Russian Federation may regulate cryptocurrency trading platforms in the country.

Russian authorities hope to promote the growth and development of new crypto exchanges through revised regulatory policies for the crypto industry. It will also help minimize the risk of sanctions and infrastructure cyber-attacks. The government’s decision to drop the national crypto exchange plan has been welcomed by the country’s major crypto firms. The plan has met with considerable opposition since it was announced last November.


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