Russia Prepares to Launch State-Owned Cryptocurrency Exchange

Russia Prepares to Launch State-Owned Cryptocurrency Exchange

Russia is reportedly considering establishing a state-owned cryptocurrency exchange, as per a recent report by the state-owned news agency TASS. The Central Bank of Russia is reportedly in talks with the Ministry of Finance to explore the possibility of creating such an exchange. In a meeting with representatives of domestic banks, Russian Finance Minister Anton Siluanov discussed the matter. He noted that a consensus has yet to be reached but that a bill related to the establishment of a state-owned cryptocurrency exchange may be presented during the fall session of the State Duma, the lower house of the Russian parliament. Currently, cryptocurrency exchanges in Russia operate without legal status and are not subject to state regulation. The head of the Central Bank of Russia, Elvira Nabiullina, has previously expressed skepticism towards cryptocurrencies. However, following instructions from Russian President Vladimir Putin to work on regulating cryptocurrencies, she has reportedly softened her stance. Russia has recently taken steps towards recognizing cryptocurrency payments between countries and legalizing cryptocurrency mining. These moves suggest that the country is moving towards a more open stance on cryptocurrencies and may be seeking to establish a framework for their regulation and use.