Aksakov Endorses Establishment of Russian Bitcoin Exchanges

Russia should not limit itself to existing cryptocurrency trading platforms and can establish its own exchanges, according to Anatoly Aksakov, head of the State Duma Committee on Financial Markets, as reported by TASS.

He stated that authorities are permitting the creation of specialized platforms at the legislative level.

“The ban has been lifted, and implementation within the central bank’s authority is possible. I anticipate that such decisions and, accordingly, infrastructure objects [to facilitate the buying and selling of cryptocurrencies] will emerge,” the deputy noted.

He emphasized that the regulator should swiftly develop infrastructure, as the market is very “dynamic.”

Aksakov also stated that in the near future, bitcoin could be exchanged for digital rubles. With the advent of such a tool, the official suggested that the need for P2P platforms based on foreign crypto exchanges might disappear.

Back in July, the State Duma passed bills in the second and third readings on the regulation of mining and experimental legal regimes (ELR). The first excluded a proposal to ban the organization of cryptocurrency circulation in the country, which could have hindered the creation of exchanges and exchangers outside the ELR.

The second regulatory act allowed the use of cryptocurrencies in foreign trade and the trading of these assets on exchanges. The Bank of Russia was tasked with overseeing the process.

Regulatory representatives stated that Russia will conduct its first cross-border cryptocurrency payments within the ELR framework by the end of 2024.