The State Duma, Russia’s lower house of the Federal Assembly, is working on a proposed amendment to establish a national crypto exchange in Russia.
Members have discussed the necessary changes to the law “On Digital Financial Assets” with market participants.
The amendments will begin with the preparation of a document that takes into account the market’s position, which will then be submitted for discussion to the government and the Bank of Russia.
A member of the Economic Policy Committee, Sergey Altukhov, emphasized the fiscal prudence of such measures, “It makes no sense to deny the existence of cryptocurrencies, the problem is they circulate in a large stream outside of state regulation. These are billions of tax rubles of lost tax revenues to the federal budget.”
As earlier reported, Russia’s Central Bank has been looking for ways to incorporate blockchain technology and digital assets into the country’s financial system.