Russian Lawmakers Want to Create a State-run Crypto Exchange

Members of the State Duma, the Russian parliament, have begun developing a draft amendment that includes the creation of a national cryptocurrency exchange in Russia. A source close to the State Duma claimed that discussions on the exchange have been ongoing since mid-November.

One of the deputies, a member of the Duma's Economic Policy Committee, confirmed that the draft amendment was being discussed. Deputy Sergey Altukhov, a member of the ruling United Russia Party, said:

“It makes no sense to say that cryptocurrencies do not exist. But the problem is that [crypto] circulates in a large stream outside government regulation. This represents billions of rubles worth of lost budget revenue – in the form of untaxed income.”

The biggest problem in this regard is the position of the Central Bank of Russia. Because the Central Bank of Russia takes a strongly anti-cryptocurrency stance.