Russia Announces Support for Cryptocurrency Exchanges in New Framework


Russia has ditched plans to establish a state-run cryptocurrency exchange, according to a new report. Anatoly Aksakov, the head of the State Duma committee on financial markets, said that the country is now looking to set up a framework to support cryptocurrency exchanges and digital assets in cross-border transactions.

This development was revealed by local media outlet Izvestiya on Monday. In November 2020, CoinJournal reported that Russian authorities had suggested setting up a national crypto exchange. Finance Minister Anton Siluanov further commented on the matter in April 2021, noting the push for a new payments system with crypto in it.

However, the report from Izvestiya now indicates that Russia is withdrawing its plans for a single national digital asset exchange. Aksakov said the country is aiming to approve a framework that will regulate the use of exchanges to settle cross-border transactions. The Ministry of Finance has also voiced its support for this move, as Ivan Chebeskov, the director of financial policy at the ministry, stated that they are focused on proper regulation of cryptocurrencies.

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