2023-06-01 17:05:56
The Russian government is preparing to regulate the creation and operation of crypto exchanges, abandoning its previous proposal, according to which it considered the creation of its own national platform. Anatoly Aksakov, head of the Financial Market Committee of the Russian State Duma, stated that crypto exchanges could help Russia circumvent sanctions by using crypto to settle international payments.
The Russian government will focus on creating a framework to regulate the creation and operation of crypto exchanges, according to recent statements by Anatoly Aksakov, head of the Financial Market Committee of the Russian State Duma. The legislative body rejected an earlier proposal to create a unique national cryptocurrency exchange.
The proposal for a single stock exchange shows a fundamental flaw: it may become the target of Western sanctions at some point in the future, Aksakov explained.
The Izvestiya for Russian magazine in his interview, Aksakov explained:
“The stock exchange will be used for cross-border settlements, including to circumvent sanctions restrictions, so new restrictions can be introduced against them. At the same time, other organizations will be able to appear continuously.”
The Russian Ministry of Finance also rejected the idea of its own crypto exchange. Ivan Chebeskov, director of the financial policy department of the Ministry of Finance of the Russian Federation, instead advocated the creation of comprehensive rules for cryptocurrency exchanges.
Russian officials have also made it clear that one of the functions of these exchanges may be to facilitate import payments and circumvent Western economic sanctions against Russia.
Alexey Guznov, Deputy Governor of the Bank of Russia, stated:
“It is probably about organizations that will help the interaction between exporters and importers and cross-border settlements in digital currencies. Through them, Russian companies will be able to pay, for example, for parallel imports.”
Alexei Tarapovsky, the founder of the Anderida financial group, said that Western companies are very interested in this type of payment, they already transact about 10 billion dollars a year in digital currencies.
Tarapovsky stated:
“Such platforms help national companies to make international payments with crypto despite sanctions.”
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