Russian lawmakers have devised a plan that could lead to the creation of a Russian state-run crypto exchange. According to reports from Vedomosti, a popular Russian media outlet, the members of the Russian parliament are working on a draft amendment that included the creation of a national crypto exchange.
Talks about the state-run exchange are said to have been going on since mid-November, with sources saying MPs have been discussing the matter with market participants likely from the Russian crypto industry.
One of the MPs, Sergey Altukhov, who is a member of the ruling United Russian Party, said:
“It makes no sense to say that cryptocurrencies don’t exist. But the problem is that [crypto] circulates in a large stream outside government regulations. This represents billions of rubles in lost budget revenue – in the form of untaxed revenue.”
Why a National Crypto Exchange?
International sanctions after Russia invaded Ukraine have hit Russian financial and trading firms hard. However, some companies in the country have been experimenting with crypto-powered transactions, allowing customers to bypass the SWIFT messaging system and banks.
But the Russian Central Bank is vehemently anti-crypto and purposefully refuses to allow crypto into the Russian economy.
Creating a national crypto exchange would therefore allow trading firms to pay and receive crypto payments from internal and foreign partners without restrictions. The exchange is expected to facilitate businesses seeking to supply domestic customers with imported goods.