Russia Could Build a Crypto Platform Similar to the Moscow Exchange: Government Official

Anatoly Aksakov, Chairman of the Committee on Financial Markets of the State Duma, said that the government is open to the idea of creating a Russian cryptocurrency trading venue. He said that the entity must follow the strict regulations of the central bank and operate in a similar way to the Moscow Exchange.

Crypto Exchange in Russia under Certain Conditions

Despite the fact that the Russian government and the Bank of Russia, the country’s central bank, are primarily against cryptocurrency, there are many locals who are in the other corner.

Premier Mikhail Mishustin stated earlier this year that Russian investors have more than 10 trillion rubles ($163billion) worth digital assets. The total number of HODLers is around 10 million or 7% of Russia’s population.

Despite the huge interest in crypto, the country does not have its own cryptocurrency exchange. Instead, locals rely upon foreign platforms like Binance, FTX and Kraken. Several trading platforms imposed restrictions shortly after Russia invaded Ukraine. Binance, for instance, restricted its services to those whose cryptocurrency holdings exceeded 10,000 EUR.

Anatoly Aksakov, a top executive of the Federal Assembly of Russia’s lower house (State Duma), suggested that a national crypto exchange could be in the works. He said that such an organization must be monitored by the central banking and should provide services according to the latter’s “strict criteria.”

He believes that any Russian cryptocurrency platform should also be built on the standards of Moscow Exchange, the country’s largest exchange, which operates trading markets for equities and derivatives.

“And this division will work within the framework a respected organisation with great traditions, used to actively interacting avec the Central Bank. In my opinion, it will be the best equipped to handle the task of conducting operations with cryptocurrency.”

Anatoly Aksakov, Source: aksakov.ru

Crypto should not undermine the ruble

In Russia, regulations in the cryptocurrency industry have been controversial in recent months. The central bank insists that all digital assets be banned. However, the Ministry of Economy believes that rules for the sector are a better option.

Aksakov presented a bill last month that declared digital assets inapplicable to a payment method. This approach, he believes, will protect the supremacy and value of the country’s currency, the ruble.

The official currency (or monetary unit) of Russia is the ruble. The Russian Federation prohibits the introduction of any other monetary units on its territory.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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