
Please try another search
Russia’s State Duma will discuss a reform to the country’s Digital Financial Assets Law that includes the creation of a state-owned crypto exchange. It also ratifies a ban on Bitcoin and other cryptocurrencies as a means of payment.
The amendments to the law regulating cryptocurrency trading operations are contained in a draft. It will soon be discussed by the Russian parliament. If approved, it would be sent to the central bank and the government, according to a report by local media Vedomosti.
Additionally, Russian lawmakers have held talks with representatives of major companies linked to decentralized finance. The purpose of these talks was to discuss the “necessary changes” to the legislation.
"It makes no sense to say that cryptocurrencies don't exist, but the problem is that they circulate in a big stream outside of government regulation," said Sergey Altukhov, a member of the Duma's Economic Policy Committee representing the ruling United Russia party. He added that the country loses billions of rubles in state revenue due to the lack of proper tax legislation imposing duties on cryptocurrency trading.
According to the Russian legislator, “it’s necessary to create conditions” for the legalization of the Bitcoin ecosystem in Russia. He also said it was time to “adjust the rules of the game”, without contradicting the positions of the Central Bank and the government on this issue.
The head of the Duma Committee on Financial Markets, Anatoly Aksakov, suggested in July the launch of a national crypto platform integrated into the Moscow Stock Exchange. The institution presented in September a bill that allows the trading of crypto assets in that market.
Aksakov hopes that the digital asset market will be legalized in the country through strict regulation.
“We need the mandatory identification of the participants, prove their certifications and carry out work only through platforms and operators included in the registry of the Central Bank,” Aksakov noted.
Cryptocurrencies can only be used for cross-border payments, as their use within the country is prohibited. If the amendments to the Digital Financial Assets Law are finally approved, the Russian government would monopolize cryptocurrency operations within the country.
You can read other articles about the crypto industry in Russia at the following links:
Russia Talks On Legalizing Cryptocurrency For International Trade
Russia’s Central Bank Proposes Ban on the Use, Trading, and Mining of Cryptocurrencies
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.