According to State Duma official Anatoly Aksakov, Russia will continue to develop new cryptocurrency platforms in reaction to sanctions.
The Russian government has fundamentally changed how it views bitcoin exchanges. A regulated national cryptocurrency exchange was once intended to be launched, however those plans have since been shelved. Instead, the government wants to create rules governing the various crypto trading platforms that are active in the nation.
Anatoly Aksakov, a State Duma member, claims that the idea for a unified cryptocurrency exchange, which was supposed to be a part of the Moscow Exchange, has been abandoned. With this choice, the government is moving in a new path toward a more decentralized approach to cryptocurrency trading.
The new strategy focuses on establishing precise regulations and standards for the development and administration of crypto platforms. Russia wants to encourage a more varied and competitive environment for crypto trading as opposed to consolidating all trading activity in a single exchange.
The concept of a national cryptocurrency exchange that is centralized was opposed by the Ministry of Finance and other authorities. This suggests that different views inside the government exist on the best way to control bitcoin trade.
The head of the Duma’s financial markets committee, Aksakov, stressed the advantages that cryptocurrency exchanges might have for Russian companies. These platforms can make cross-border trade more productive for businesses by facilitating transactions.
He did, however, issue a warning that greater use of cryptocurrency platforms would result in restrictions and sanctions from other nations.
Russian Central Bank as Main Regulator
According to Aksakov, the Russian central bank is anticipated to take the lead in regulating cryptocurrency exchanges. The central bank will probably be in charge of overseeing the related regulatory framework for these platforms as part of the bill on experimental legal regimes.
To contemplate conventional cryptocurrency exchanges in Russia at this time would be premature, according to Alexey Guznov, deputy governor of the Bank of Russia. In order to simplify cross-border operations, the focus may instead be on systems that enable cooperation between exporters and importers.
According to reports, prominent Russian cryptocurrency firms oppose the establishment of a national cryptocurrency exchange. Instead, they are in favor of creating a regulatory framework to control these kinds of businesses, allowing for greater flexibility and market participation.