Russia’s Crypto Exchange Platforms to Enter Cross-Border Settlements

Russia has reportedly been planning out the cryptocurrency approach that it would use in the nation, as is already widely known. According to earlier reports, Russia’s Finance Minister Anton Siluanov mentioned a new payment system in April. 

It was revealed in the aforementioned announcement that cryptocurrencies would formally be integrated into their new payment system. According to the most recent allegation from a Russian media outlet, the government was discovered to have abandoned plans to establish a cryptocurrency exchange. 

Instead, they want to create a structure that will allow cryptocurrency exchanges to operate and be established. Anatoly Aksakov, chairman of the State Duma committee on the financial industry, said that well-established regulations for crypto exchanges would be preferable to a single national cryptocurrency exchange.

No More ‘National’ Crypto Exchange for Russia

As was already known, Russian officials had made suggestions that they would start a government-run cryptocurrency exchange. For days, this news has dominated online headlines. It is also important to note that in April, the nation’s Finance Minister, Anton Siluanov, revived this notion and mentioned the drive for the implementation of a new payment system that includes cryptocurrency.

But according to recent reports, the nation appears to be abandoning these ambitions. They are now in favor of a new structure that would sustain crypto exchanges as they move away from it. According to Anatoly Aksakov, the chairman of the State Duma committee on financial markets, Russia is moving closer to implementing a framework that would define guidelines for the use of cryptocurrency exchanges for cross-border settlements.

Additionally, it has been stated that the Ministry of Finance reportedly supports the present plans. It’s important to remember that the aforementioned ministry reportedly opposed the establishment of a single national digital assets exchange. The Ministry of Finance’s Director of Financial Policy, Ivan Chebeskov, asserted that the ministry is committed to the correct and thorough regulation of cryptocurrencies.

Unexpected Entry

The cryptocurrency exchanges would be used for cross-border settlements, according to Aksakov. In his statements, he has also claimed that these strategies include following the regulations while dodging penalties. He also pointed out that the central bank will monitor these cryptocurrency exchanges. 

The restrictions will also be included in the draft law on experimental legal systems. On the other hand, Ivan Chebeskov, the director of the financial policy division at the Russian Federation’s Government of Finance, has emphasized that the government did not publicly state that it supported the establishment of a single national cryptocurrency exchange.

Given the objections, it was suggested to take into account legislative guidelines that would let companies set up such platforms. He also emphasized the department’s firm opinion that cryptocurrencies ought to be thoroughly regulated.