Russian Parliament Will Build National Crypto Exchange

According to him, it is necessary to legalize digital currency and adjust rules within the framework of the national legislature, but this does not conflict with the position of the government and the Central Bank.

“It makes no sense to say cryptocurrency doesn't exist, but the problem is that it circulates in large streams outside of government regulation. These are billions of rubles of lost budget revenue in taxes,” Althukhov said.Earlier the Head of the Duma Committee on Financial Markets, Anatoly Aksakov, hinted at the possibility of launching a Russian national crypto trading platform as part of the Moscow Stock Exchange.

Reporting from Finbold, the Bank of Russia, in collaboration with the Ministry of Finance, is working on a draft law that will regulate crypto mining, back in September 2022.

The main focus of this bill is the energy-rich area where the activity will be carried out.

This draft itself needs to get approval from the Central Bank of Russia together with the country's Ministry of Finance.Russia Third Country Highest Bitcoin Hashrate Rate

Previously reported, the Russian Ministry of Finance plans to give permission to industry players to accept Bitcoin (BTC) and crypto as a means of international trade transactions without limits.

Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, explained that Russia will allow international settlements using crypto assets for the entire industry without restrictions.

Although the Ministry of Finance of Russia intends to allow unlimited acceptance of BTC and crypto, the Bank of Russia has not stated this.Bitcoin Magazine reported, Chebeskov said, the Central Bank of Russia chose to create a full infrastructure for central bank digital money circulation (CBDC).

While the Ministry of Finance is taking a local approach through regulation of crypto assets, Russia's central bank is seeking broader regulatory action.

Chebeskov explained that the Ministry of Finance has two main functions related to regulation of digital assets for international payments.

He said the Ministry of Finance believes Russia needs local infrastructure for crypto especially to protect the interests of citizens.This is because Russian citizens who buy and sell crypto assets through crypto exchanges are very limited. In addition, the Russian government wants to legally control the use of cryptocurrencies.

Last month, Russia's central bank and Ministry of Finance approved a draft law setting out the regulatory framework for the acceptance of digital assets as a means of payment.

This decision followed a debate between the two institutions which resulted in various bills. The Central Bank of Russia has called for a total ban on BTC mining on the pretext of the level of risk to Russian citizens.President Vladimir Putin conveyed a message that Russia should not miss opportunities in the crypto industry, because Russia already has an advantage in the crypto ecosystem. According to Putin, Russia has characteristics suitable for BTC mining.

Russia became the third country on the list of countries with the highest hashrate for Bitcoin after China banned BTC mining in the country.

BTC miners are fleeing China for various countries, including the US, Kazakhstan and Russia. Cheap energy and Russia's cold climate make it an ideal location for crypto miners as it provides higher profit margins.