As part of launching a national crypto exchange, Russian lawmakers are working on amendments to existing legislation. Russia seems to be opening up more and more to cryptocurrency.
Legislators are working on amendments to existing legislation
In Russia, the current encryption legislation will be updated again. In fact, Russia is currently in the process of launching a national cryptocurrency exchange, according to Report From Cointelegraph. Members of the lower house of the Russian parliament, the Duma, discuss amendments to this legislation with market participants. The Central Bank and the Ministry of Finance support this initiative. This is an interesting fact as these two government entities are known to disagree on the regulation of cryptocurrencies.
Besides, that would be it central bank who will receive an offer of changes first. These changes will be the legal foundations on which the National Cryptocurrency Exchange of Russia will be created. The largest country in the world by land area seems to be getting more and more into cryptocurrency.
Russia: A national “crypto exchange” attached to the Moscow Stock Exchange
Russia is opening up more and more to cryptocurrencies. In fact, many changes have been made in favor of digital assets in the country since the war in Ukraine. In June, the Chairman of the Financial Market Committee of the Duma submitted a proposal to create a national cryptocurrency exchange. Not to mention the bill drafted by the Moscow Stock Exchange, on behalf of the Central Bank, that allows cryptocurrency exchanges. In addition, another bill intended to authorize Mining and selling cryptocurrencies, to Duma earlier this month.
However, Russia may be turning to cryptocurrencies in order to circumvent sanctions against its banking system. At least, that’s what some experts think. Thus, all these laws in favor of cryptocurrencies will be a policy of economic recovery, not a matter of citizens’ freedom.
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