Since the start of a war between Russia and Ukraine, the country has had to deal with major financial sanctions from the western bloc.
The country has as a result plunged into inflation, and massive money devaluation, and has also been boycotted by the cryptocurrency exchanges such as Coinbase. The saving grace for Russia has been Ruble oil exports and some decentralized cryptocurrency channels.
The media has made it clear that the Russian oligarchy might attempt to seek financial refugee in cryptocurrency trading. The country was also cut out of the SWIFT banking network as a result of the Western sanctions.
However, Russia has been working on creating an independent banking network since its attack on Crimea in 2014.
Russian State Duma is Actively Working on Cryptocurrency Regulations
The Russian government has recently announced the introduction of a local cryptocurrency exchange. On the other hand, the lower house of the Russian Federal Assembly called the State Duma has reportedly started to work on introducing a cryptocurrency legislative basis to make room for the cryptocurrency exchange.
The report was published in a native Russian outlet named Vedomosti recently. The Duma officials are going to create a constitutional amendment draft that will go to the Russian Central Bank for further deliberation.
The Duma officials held meetings with the cryptocurrency market heads to discuss the requirements needed for Digital Financial Assets. However, during the meeting Finance minister and Russian Central Bank officials were not present.
Sergey Altukhov is a member of the Economic Policy Committee who stated the matter. He told the media that the Russian government cannot deny the existence of cryptocurrencies and they are unable to streamline the cryptocurrency trades that are happening outside the purview of the centralized authorities.
He claimed that the Russian government wishes to gain billions of rubles in tax revenues by regulating cryptocurrencies.
Anatoly Akaskov is the head of Duma and he called the Russian-regulated crypto exchange a respectable organization.
In September, media reporters suggested that the finance ministry of Russia and the Central Bank were working with each other to impose regulations on local crypto-mining enterprises based on their energy consumption.
