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Following the prevalence of mixed signals, the government seems to be quite ready to partner with the crypto industry

On Sunday, a Russian news outlet claimed that lawmakers in Russia have planned to conclude plans

for the creation of a cryptocurrency exchange owned by the state. Instead, they intend to create

regulations and rules for enterprises already in existence.

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Russia Retreats from Plans to Have State-owned Crypto Exchange

Colin Wu of Wu Blockchain posted This story on Twitter early Monday morning. In this case,

he attached a Russian news outlet’s translation explaining that the nation’s new focus would be to

permit the building of crypto exchanges by private organizations.

The Ministry of Finance for the Russian Federation did not advocate for creating a single

federal crypto-exchange. Rather, the concept was to lawfully regulate the likelihood of developing

these kinds of sites by business. This information was provided by Ivan Chebeskov, the Director of the

Financial Policy Department.

Regulating Crypto Infrastructure Preferred to Monopolizing State-Run Exchange

Further, the head of the nation’s Lower House Committee on Financial Markets, Anatoly Aksakov,

claimed that rather than developing a single federal crypto exchange, there were plans to come up

with regulations to govern the creation and running of this kind of infrastructure. He further

claimed that cryptocurrency exchanges will be utilized to enhance payments across borders.

Nevertheless, he failed to stipulate the specific borders involved. He also admitted that encountering

new restrictions would be a probability.

Russia Changes Focus to Leveraging Cryptos for Global Settlements

Izvestia is the Russian outlet responsible for printing the story and claimed that the Central Bank is likely to regulate the platforms’ work. Besides, it claimed that the institution’s management of the

global settlements would occur within the nation’s regulatory framework. The news

was encouraging to a majority of private cryptocurrency operators within the Russian Federation.

Oleg Ogienko of BitRiver told Izvestia that the move would aid in averting the likelihood of sanctions

and infrastructural cyberattacks and avert the likelihood of monopolies in the market. BitRiver is a

Russian cryptocurrency mining operation. Ivan Gostev, GIS Mining’s Commercial Director, reinforced

this perspective by claiming that the move would enhance the development of more innovative and

competitive organizations.

The positive view by the private sector should not be surprising because, according to 2022

Global Corruptions Index, the nation occupied 137 rank out of 180 nations considered in the survey. This indicates the significance of embracing caution in all stately activities.

Russia Ends the Mixed Bag Game With Cryptocurrencies

For several years, authorities in Russia have been alternating between two opposite extremes concerning digital asset space. In early 2022, a complete ban on crypto payments was suggested by the

Bank of Russia, and after a month, a proposal for the regulation of Bitcoin was submitted by the

Ministry of Finance. Afterwards, a law seeking to ban the use of digital assets for payment was signed

by Vladimir Putin. However, the nation still investigated how stablecoins can be used to avoid


The news comes amid the continuing financial western-backed financial sanctions

against the nation following its Ukraine invasion. Despite the mixed signals history, today is a

major event in the government’s link to cryptocurrencies.

The anonymity of cryptocurrencies would enable Russia evade the sanctions imposed by the west.

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Michael Scott

By Michael Scott

Michael Scott is a skilled and seasoned news writer with a talent for crafting compelling stories. He is known for his attention to detail, clarity of expression, and ability to engage his readers with his writing.