Russia to Use Crypto Exchanges to Settle Cross-Border Transactions

Vignesh Karunanidhi
Russia Reportedly Planning to Establish Regulation for Crypto Exchanges Operation
Source: Euronews

Russia has long been framing its cryptocurrency strategy in the country. Earlier in April, Russia’s Finance Minister Anton Siluanov spoke about a new payment system. Cryptocurrencies will be a part of this new payment system.

Now, according to the latest report from Izvestiya, a Russian media publication, the authorities are ditching plans for the creation of a cryptocurrency exchange. Instead, they are planning to establish a framework for the operation and establishment of crypto exchanges.

Anatoly Aksakov, head of the State Duma committee on the financial market, stated that instead of one national crypto exchange, well-established rules for crypto exchanges would be better.

Crypto exchanges to engage in cross-border settlements

It was stated by Aksakov that the crypto exchanges would be utilized for cross-border settlements. According to the statement, these include bypassing sanctions while at the same time complying with the rules. As stated by Aksakov, the central bank will oversee these crypto exchanges. Additionally, the draft law on experimental legal regimes will include the regulations.

According to Ivan Chebeskov, the director of the financial policy department at the Ministry of Finance of the Russian Federation, the ministry did not express support for the creation of a single national crypto-exchange.

Instead, there was a suggestion to consider legal regulations that would allow businesses to establish such platforms. He also shared with Izvestiya that the department has a strong belief that cryptocurrencies should be regulated comprehensively.