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Russia wants to establish a government-run crypto exchange

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Russia crypto exchange

A plan developed by Russian legislators could result in the establishment of a state-run cryptocurrency exchange.

Members of the State Duma, the Russian parliament, have reportedly “started to develop a draft amendment” that calls for “creating a national crypto exchange in Russia,” according to Vedomosti.

According to a “source close to the State Duma,” discussions about the exchange have been going on since “mid-November,” according to the media source.

As per the sources, MPs “discussed” the issue with “market participants,” who are probably members of the Russian crypto industry.

The discussion of the proposed amendment was confirmed by one of the MPs, a member of the Duma’s Economic Policy Committee.

In addition, Vedomosti, MP Sergey Altukhov, who is a part of the governing United Russia Party, said:

“It makes no sense to say that cryptocurrencies do not exist. But the problem is that [crypto] circulates in a large stream outside government regulation. This represents billions of rubles worth of lost budget revenue – in the form of untaxed income.”

But significant roadblocks might impede the proposal’s advancement. The sources for Vedomosti acknowledged that neither the Central Bank nor the Ministry of Finance attended the meetings.

The MPs intend to “submit it for discussion” to the government and the Central Bank after compiling their ideas into a document.

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