Russia to utilize crypto exchanges for international transactions

  • According to a new report, Russia has abandoned plans for a state-run cryptocurrency exchange.
  • Instead, it is planning to create a framework to support cryptocurrency exchanges and digital assets in cross-border transactions.
  • Local media outlet reported this news today, quoting Anatoly Aksakov, the head of the State Duma committee on financial markets.

The latest crypto news from Russia indicates that the country is considering the use of cryptocurrency exchanges to facilitate the settlement of cross-border transactions.

The development was revealed by local media publication Izvestiya on Monday, citing a member of the State Duma.

Russia gives up plans for national crypto exchange

Last November, Russian authorities hinted at plans to establish a state-run cryptocurrency exchange. The country’s Finance Minister Anton Siluanov also revisited this idea in April, emphasizing the push to have a new payments system that included crypto in place.

However, according to Izvestiya’s report today, Russia is now scrapping these plans in favor 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 seeking to adopt a framework that would establish rules for the use of crypto exchanges for cross-border settlements.

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 Izvestiya that the ministry is focused on proper and comprehensive regulation of cryptocurrencies.