Russia appears to have ditched plans for a state-run cryptocurrency exchange, according to a new report.
Instead, it is looking to establish a framework to support cryptocurrency exchanges and digital assets in cross-border transactions.
The news was reported today by a local media outlet, citing comments from Anatoly Aksakov, the head of the State Duma committee on financial markets.
Russia is considering the use of cryptocurrency exchanges to facilitate the settlement of cross-border transactions, according to the latest crypto news from the country.
Local media publication Izvestiya revealed this development on Monday, citing a member of the State Duma.
Russia gives up plans for national crypto exchange
As CoinJournal reported last November, Russian authorities had hinted at plans to establish a state-run cryptocurrency exchange. The country’s Finance Minister Anton Siluanov also revisited this idea in April, noting the push to have a new payments system that included crypto in place.
As Izvestiya reported today, the country appears to be shelving these plans in favour of a new framework that would support crypto exchanges.
The publication quoted Anatoly Aksakov, the head of the State Duma committee on financial markets. According to Aksakov, Russia is now looking to adopt a framework that would see rules for the use of crypto exchanges for cross-border settlements established.
The plans have received the support of the Ministry of Finance, which was reportedly against the launch of a single national digital assets exchange.
Ivan Chebeskov, director of financial policy at the Ministry of Finance told Izvestia that the ministry is focused on proper and comprehensive regulation of cryptocurrencies.