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Russia Throws Away Plans to Establish a Unified National Cryptocurrency Exchange

Russia Throws Away Plans to Establish a Unified National Cryptocurrency Exchange

Anatoly Aksakov claims crypto exchanges could help Russia evade sanctions and conduct cross-border payments.

In a significant policy shift, Russia has shelved the idea of establishing a unified national cryptocurrency exchange. Instead, the focus is now on regulating an array of crypto trading platforms across the nation.

In a report by local news agency Izvestia on May 29th, State Duma member Anatoly Aksakov revealed that the initial plan unveiled in November 2022 had been abandoned. The man cited the Russian Ministry of Finance as one of the authorities that didn't back the national crypto exchange initiative.

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The head of the Duma's financial markets committee, Anatoly Aksakov, pointed out that crypto exchanges could help Russian businesses conduct cross-border transactions and evade sanctions. However, he noted the likelihood of facing constraints against such platforms.

To circumnavigate these, according to Aksakov, Russia would continue to establish new crypto platforms and institutions while emphasizing the need for regulation.

Interestingly, several prominent Russian crypto firms had opposed the national crypto exchange idea, advocating for a regulatory structure for such organizations instead.

BitRiver compliance executive Oleg Ogienko believes that a new regulatory mechanism would mitigate the risks of sanctions, cyberattacks on infrastructure, and issues arising from market dominance. He further suggested that crypto exchanges should initially limit access to unqualified investors on their platforms. 

Russia's decision to shift from national crypto exchange to regulating multiple companies reflects the country's evolving strategy in the dynamic landscape of digital assets. It underscores the country's aim to harness the potential of cryptocurrencies, mitigate risks, and keep in step with global trends in the crypto market.

In other Russia-related news, a Russian bank Moscow Credit Bank became the first in the country to issue an on-chain bank guarantee denominated in Chinese Yuan.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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