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The Russian government is shifting its focus on the establishment and operation of crypto exchanges and intends to introduce rules to regulate these exchanges. The head of the Russian State Duma Financial Markets Committee, Anatoly Aksakov, revealed that the government is abandoning its earlier proposal to create a single national cryptocurrency platform. Aksakov highlighted the fundamental flaw in this proposal that if targeted by Western sanctions in the future could cause problems.
The proposal of a unique exchange presents a fundamental flaw: it might be targeted by Western sanctions at some time in the future, Aksakov explained.
Cryptocurrency Exchanges to Bypass Sanctions Restrictions
The latest statements indicate that these cryptocurrency exchanges could be used to bypass sanctions restrictions. Alexei Guznov, the deputy chairman of the Bank of Russia, stated that the exchanges would be organizations that facilitate interaction between exporters and importers for cross-border settlements that are processed in digital currencies. The founder of Anderida Financial Group, Alexey Tarapovsky, stated that by introducing such platforms, national companies can conduct international settlements with crypto against the backdrop of sanctions. The Russian officials believe that by incorporating these exchanges, Russian companies would be able to conduct cross-border settlements and payments, including parallel imports.
Russian Digital Ruble Law Likely to be Passed Soon
The Russian government is also making strides with a digital ruble law that is likely to be passed in June, according to Aksakov. The first discussion has already been approved, and the law will be passed soon. The Ministry of Finance of Russia, which had earlier proposed the creation of a single national cryptocurrency exchange, has now favored comprehensive rules for cryptocurrency exchanges. This shift in focus could help in the interaction between exporters and importers, allowing national companies to conduct international settlements against the backdrop of sanctions.
