Lawmakers in Russia are preparing a bill that would allow for the creation of a “national cryptocurrency exchange,” local media reported. The coins are now in circulation outside of government control, and the Russian state is losing billions of rubles in budget revenue, one participant in the effort noted.
Lawmakers Want Russia to Have Its Own Cryptocurrency Exchange
Members of the State Duma, the lower house of the Russian parliament, are working on a legal framework that would allow authorities in Moscow to establish a Russian cryptocurrency exchange. Russia’s leading business daily Vedomosti reported, citing two informed sources, that lawmakers discussed the initiative with industry representatives in mid-November.
Lawmakers plan to prepare a draft, taking into account the views of market participants, and then submit it to the government and the Central Bank of Russia. The sources noted that representatives of the monetary institution and the Ministry of Finance did not participate in the meeting.
The plan is to make necessary amendments to the country’s Digital Financial Assets Act, which will come into effect in January 2021. It is still the main piece of legislation that, albeit partially, governs the country’s cryptocurrency space.
Other changes proposed last week aim to legalize mining, while banning the circulation, exchange and non-targeted advertising of cryptocurrencies in Russia, except for special “experimental legal regimes” that allow their use in payments for imports.
Sergey Altukhov, a member of the Parliament’s Economic Policy Committee from the ruling “United Russia” party, confirmed the news that the work on creating a legal basis for the Russian cryptocurrency exchange is already underway. Commenting on the issue, the deputy insisted:
It makes no sense to say that cryptocurrencies don’t exist, but the problem is that they mostly circulate outside of government regulation.
According to Altukhov, all this amounts to billions of rubles of budget revenues from taxes that the Russian Federation can collect. He emphasized that it is necessary to create conditions for the legalization of cryptocurrencies and adjust the “rules of the game” in such a way that they do not contradict the positions of the executive power and the central bank.
One of the sources also noted that the future exchange is not viewed as a platform that will facilitate the spread of cryptocurrencies in Russia or their use as a means of payment, but rather as a place where Russians can declare and convert their digital currency. fiat holdings. In his opinion, at least one such website should be established under Russian jurisdiction to avoid potential foreign restrictions and security risks from storing data abroad.
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