Russia Drops Project to Create State-Owned Cryptocurrency Exchange

The Russian government, under the command of Vladimir Putin, will drop plans to create a state-owned cryptocurrency exchange, according to information released by the country’s prominent politician Anatoly Aksakov. idea.

Russia’s intention to establish a cryptocurrency exchange comes as it invades Ukraine, which is facing international retaliation for its use of the U.S. dollar.

As a result, local residents have started using cryptocurrencies to avoid international sanctions as well as bans by the Russian government itself. Information from the local IZ portal.

Russia backs off and may drop plans to launch cryptocurrency exchange

According to information from Anatoly Aksakov, the plan to create a cryptocurrency exchange passed the top leadership of the Russian regime, which is looking for ways to circumvent the sanctions imposed by the United States and NATO countries.

Russian companies with ties to leading politicians, as well as facilities of public institutions, remain banned from trading on international markets. So now a full version is being worked on that would allow private cryptocurrency brokers to establish themselves in the country, not just central government brokers.

The politician said Russia’s finance ministry supports the idea, arguing that multiple companies can mitigate foreign cyber threats and sanctions better than just one platform.

To regulate this promising new market in Russia, the local central bank should set the rules for the exchange. As a result, the bill, which was due to arrive in the country in the second quarter of 2023, will have to be amended and is unlikely to move forward with the government’s new understanding.

Focus on cross-border transactions

By regulating cryptocurrency trading and the operation of domestic exchanges, Russia hopes to return to the international market for trading.

The country is also looking into regulating the mining of bitcoin and other cryptocurrencies as a way to gain access to international markets and avoid sanctions for using the dollar.

Those foreign brokers who want to enter the Russian territory will be able to submit their approval to the Central Bank, which will clarify which rules must be followed.

As a result, the country expects new rules to be presented to local and international companies by 2024, making the use of encryption commonplace.

It is worth remembering that, in the event of an attack, Ukraine also turned to the cryptocurrency market to counter the Russian intrusion. The government itself even accepts bitcoin donations, the populace themselves use cryptocurrencies in transactions, and banks are under attack.

Source of information: Compiled from LIVECOINS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

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