Undoubtedly, Russia is among the countries that cannot come to a clear decision on the status of Bitcoin (BTC) and cryptocurrencies.
Finally, in line with the idea of establishing a national cryptocurrency exchange, Russian lawmakers were preparing a draft amendment to the law "On Digital Financial Assets".
However, according to the news of Russia's local news agency Izvestia, Russia has given up on the idea of establishing a cryptocurrency exchange.
Instead of establishing a national cryptocurrency exchange, Russian authorities preferred to establish regulations for the development and operation of such platforms.
Speaking to Izvestia, the head of the State Duma financial market committee, Anatoly Aksakov, said that cryptocurrency exchanges may become subject to certain restrictions as they make it easier to circumvent cross-border settlements, including by circumventing sanctions restrictions.
Aksakov stated that Russia gave up the idea of establishing a national cryptocurrency exchange against the risk of this restriction.
“It would be more beneficial to introduce regulations rather than establishing a national cryptocurrency exchange.
Because I remain optimistic that the introduction of new regulations will create opportunities for emerging organizations."
Aksakov also stated that he predicts that the Central Bank of Russia will take on the role of regulating cryptocurrency exchanges.
Aksakov also stated that the Ministry of Finance does not support the establishment of a new national crypto exchange, but instead proposes a legal framework to allow other businesses to create such platforms.
Finally, Alexei Guznov, vice-president of the Central Bank of Russia, who previously spoke to Izvestia, said that it is still too early to talk about the national cryptocurrency exchange.
*Not investment advice.