Market News- National Cryptocurrency Exchange to be Launched in Russia.
- The Ministry of Finance and the Central Bank supports the initiative.
- After launch, the trading platform will be a part of Moscow exchange soon.
Despite the critical condition of the crypto market, the adoption rates of the crypto industry is growing on a large scale. Even though the market is highly fluctuating, users are showing great interest in crypto space. Witnessing these positive outcomes, Russia is moving forward to launch a “National Cryptocurrency Exchange” for its users.
Surprisingly, Russia gains support from the Ministry of Finance and the Central Bank of Russia for this initiative. Further, being in a cold war against the crypto regulations in the country, these two authorities wave a green flag for the launch of trading platforms.
In addition, the local Russian lawyers are working on the revision of the existing cryptocurrency legislation of the country. These lawmakers will draft amendments by analyzing the Digital financial assets with market stakeholders.
Russia’s National Crypto Exchange
Following this plan, the Duma – the assembly of advisory functions supports this case. Further discussing its suggestions on the modifications to the current laws. Additionally, Duma demands to firstly present the legal framework of national exchange launch to the Central Bank of Russia.
More so, a representative of Duma Committee of Economic Policy, Sergey Altuhov shares,
“It is not logical to deny cryptocurrency’s existence, however the issue is that they circulate widely outside state regulation. And this adds billions of tax rubles of lost tax revenues to the government’s budget.“
Earlier in June, the Duma’s Committee Head of Financial Market announced that if there is a national cryptocurrency exchange in Russia, it will soon be a part of Moscow exchange. Following, in September, the Moscow exchange produced a new bill allowing cryptocurrency trading in Russia on behalf of the Central bank.
Source: https://thenewscrypto.com/implementation-of-national-cryptocurrency-exchange-in-russia/