￼ 🇷🇺Russia to use #crypto exchanges to settle cross-border transactions.
— Walletor (@walletorapp) May 29, 2023
Anton Siluanov, Russia’s Minister of Finances, talked about a new payment system earlier in April. According to him, this new payment system will include cryptocurrencies.
A recent publication from a Russian news outlet called Izvestiya says that plans to make a cryptocurrency exchange are being scrapped. Instead, the country plans to establish a framework. The framework will cover how crypto exchanges will work and how they will be established.
Moreover, Anatoly Aksakov, the head of the State Duma’s committee on the financial market, said that establishing good rules for crypto exchanges would be better than a single national exchange.
Cross-Border Settlements for Russia
Furthermore, Aksakov stated that the crypto exchanges would facilitate the settlement of deals between countries. The statement says that these include bypassing the punishments while still following the rules. Additionally, Aksakov said that the central bank will keep an eye on these cryptocurrency exchanges. The regulations will also be part of the draft law on experimental legal systems.
According to the director of the financial policy department at the Ministry of Finance of the Russian Federation, Ivan Chebeskov, the ministry has not shown support for the creation of a single national crypto exchange.
Instead, he suggested considering laws for legal regulations that would allow companies to establish such platforms. He also informed Izvestiya that the department is very sure that cryptocurrencies need to undergo regulation in a wide range of ways.